Individual Retirement Account (IRA)

An IRA (individual retirement account) is an account that you are able to pay into in order to save for retirement. While that might sound like the exact same thing as a savings account, it’s different in that the money you put into an IRA allows you to enjoy tax-free or tax-deferred growth.
Example: There are many different types of IRAs, including traditional IRAs and Roth IRAs, but all allow you to save for retirement. If you invest in a Roth IRA, your contributions aren’t tax-deductible like they are with a traditional IRA, but you’re not taxed when you withdrawl the cash eventually (you are taxed when you withdrawal from a traditional IRA).

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