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Individual Retirement Account (IRA)
A type of savings account designed to help individuals save for retirement.
More Details
An individual retirement account (IRA) is a type of investment account that is designed to help people save for retirement. There are several different types of IRAs, including traditional IRAs, Roth IRAs, and SEP IRAs (Simplified Employee Pension).
Example
You might decide to open a traditional IRA and contribute $500 per month to the account. The money you contribute to the account will be invested in the financial products you choose (such as stocks, bonds, mutual funds, etc.), and you hope to earn a return on your investment over time.
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