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What’s an IRA?

What's an IRA?

What’s an IRA? If you’re starting to looking into retirement savings you’ve probably already asked yourself what a Traditional Individual Retirement Account is. Well let’s get to the bottom of this.

What’s an IRA?

Technically an IRA is called an Individual Retirement Arrangement contrary to popular belief. We most often hear it called an Individual Retirement Account and although that’s a different name by one word, they are referring to the same exact thing.

With an IRA an individual is able to sock away pre-tax dollars into their retirement accounts and can even deduct these contributes from their annual taxes. This in essence is a long term personal savings account account that is geared towards retirement savings.

As a person under the age of 50, you can contribute up to $5,000 of your own money per year into this account and if you’re over 50 you can contribute the same plus an additional catch-up invest of $1,000.

Not only are these accounts great for adding to your financial stockpile for the future but it’s also a legitimate way to save on taxes every year you contribute. What’s even better is you have until Tax Day to make contributions so if you haven’t got into on the action yet there’s still time.




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