Individual Retirement Account (IRA)

Tax-advantaged savings accounts that can be used for long-term investing and saving. An IRA is intended to encourage people to save for retirement, much as a 401(k) account that an employee receives as a benefit from their employer. Anyone with earned income is eligible to open an IRA and benefit from the tax advantages that these accounts provide. However, unlike a 401(k), anyone can open an IRA without engaging their employer. Individuals can open an IRA That's why they name of individual retirement accounts. A bank, an investing firm, an internet brokerage, or a personal broker are all available options to individuals who want to open an IRA.