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A traditional IRA is a tax-advantaged personal savings plan where contributions may be tax deductible. A Roth IRA is a tax-advantaged personal savings plan where contributions are not deductible but qualified distributions may be tax free. Learn what an IRA is, how it works, and compare the 4 main types—Traditional, Roth, SEP, and SIMPLE IRAs—with key rules on contributions, tax benefits, and withdrawals.
Understanding the Context
What is an IRA? An IRA typically refers to a tax-advantaged account designed to help you save for retirement on your own, independent of an employer. That's in contrast to workplace retirement accounts like 401 (k)s and 403 (b)s, which require an employer sponsor. In 1969 the IRA split into the Official IRA and the Provisional IRA.
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Key Insights
The latter then had its own breakaways, namely the Real IRA and the Continuity IRA, each claiming to be the true successor of the Army of the Irish Republic. An individual retirement account (IRA) is a personal savings account designed to help people prepare for retirement. It’s also known as an individual retirement arrangement. What Is an IRA? Types of IRAs & How They Work | Capital One An individual retirement account (IRA) is a tax-advantaged investment account used to save money for retirement.
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Depending on the type of IRA, contributions grow on either a tax-free or tax ... Looking for a tax-smart way to save for your future? Find out what an IRA is, what it offers, and how the three main types differ.