An Individual Retirement Account (IRA) is a tax-advantaged account that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis.
You can open an IRA at banks, Robo-advisors, and brokers. Depending on which type of IRA you choose, your contributions may be tax-deductible or withdrawals may be tax-free. There are several types of IRAs, which include the traditional IRA, Roth IRA, SEP IRA, spousal, IRA, and Simple IRA.
