An Individual Retirement Account (IRA) is a savings account designed specifically for retirement. Unlike a regular savings account, an IRA offers tax advantages that help your money grow over decades. There are different types of IRAs—traditional and Roth being the most common—and each one works differently in terms of when you pay taxes and when you can withdraw money. Understanding how these accounts function helps you decide which type might fit your situation.
These articles explain the mechanics of opening and using an IRA: how contributions work, what the tax advantages actually mean, the rules around withdrawals at different ages, and how a traditional IRA differs from a Roth. You'll learn what happens to your money once it's in the account, what fees or restrictions might apply, and the basic steps involved in getting started.