What is an ira account?

[Alexender]

Can someone explain what is an IRA account in simple terms? I'm trying to understand how it works, what types of IRAs exist, and whether it’s useful for long-term retirement planning. Also, are there any requirements or limits I should know before opening one?

 

[karen]

IRA (Individual Retirement Account) is a tax-influenced but otherwise straightforward way to save towards retirement, which may take on a Traditional (tax later) or Roth (tax-free later) form, and has an annual contribution limit and income restrictions depending on the type used.

 

[devinluke]

IRA (Individual Retirement Account) is a personal savings account that aims at assisting individuals to save towards retirement and has tax benefits. Such contributions are tax deductible and the investments accumulate tax deferred until retirement. They have various forms such as Traditional and Roth IRAs that have certain regulations about taxation and withdrawals.

 

[Lily]

An IRA, or Individual Retirement Arrangement/Account, is a personal savings plan with tax benefits designed to assist you in saving for retirement. The money in it grows either tax-deferred or tax-free (like a Roth IRA), and there are separate sets of rules for contributions and withdrawals.

 

[Muichiro]

An IRA (Individual Retirement Account) is a savings account used to save towards your retirement and benefits tax wise. Contributions can be tax-deductible or withdrawals can be tax free depending on the type (Traditional or Roth IRA).