What is an IRA?

IRA stands for Individual Retirement Account. An IRA can help you save money to live on when you retire.

Important Things to Know About an IRA:

1. An IRA allows you to save for retirement and get tax benefits on the money you save.
2. The money in your IRA can be invested in stocks, bonds, and other assets.
3. Most IRA’s have a limit to how much you can invest each year.
4. Typically, you can’t take any money out until you are 59.5 years old without a penalty.
5. There are different types of IRA’s. Each type has different features.

A tax accountant can give you guidance about what type of IRA is right for you.