An IRA is an Individual Retirement Account. It is a form of retirement plan that provides tax advantages for retirement savings to people who are employed and their spouses. It is one of the best ways to enjoy tax advantages while you save as it provides either a tax-deferred or tax free way of saving for retirement. It makes an ideal way to sock away funds for retirement.
Most people think of an IRA as an investment, but it is a form of savings where you can sock away funds for retirement. It can be in the form of stocks, bonds, mutual funds, annuity or other type of assets.