An Individual Retirement Account (IRA) is a tax-advantaged savings and investment plan designed for retirement, with options like Traditional and Roth IRAs.
Individual Retirement Account (IRA) is a long-term, tax-sheltered time deposit that allows individuals to save and invest for retirement.
There are two main types: Traditional IRAs where contributions are tax-deductible and taxed upon withdrawal, and Roth IRAs where contributions are made after taxes and withdrawals are tax-free.
Contributions to IRAs have specific annual limits, with the 2020 limit at $6,000, and they offer tax advantages to help individuals save for retirement.
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