What Is an Individual Retirement Account (IRA)?

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There’s a reason why saving for retirement is such a prominent priority for people from all walks of life: It’s the most important way to ensure you have enough money to enjoy a standard of living that’s comfortable for you after you leave the workforce. It’s never too early (or too late) to start looking towards your financial future, and one of the most effective tools for helping you start saving is an individual retirement account, or IRA.

There’s a wide variety of advantages to investing in an IRA as part of your retirement-planning strategy. These accounts are ideal if you don’t have access to an employer-sponsored retirement plan, and there are also some helpful tax benefits associated with putting your money into an IRA. As you get started in your journey towards a financially secure retirement, learn more about what IRAs are and how they work to determine whether they may be an appropriate investment option for you.