Retirement Account

Retirement Account

Retirement Account

An individual retirement account (IRA) is a savings account with tax advantages that individuals can open to save and invest in the long term. Just like an account that an employee obtains as a benefit from their employer, an IRA is designed to encourage you to save for retirement. Anyone who has earned income can open an IRA and enjoy the tax benefits these accounts offer. Money held in an IRA usually can't be withdrawn before age 59½ without incurring a hefty tax penalty of 10% of the amount withdrawn.

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