What Exactly is an Individual Retirement Account?

An IRA is a tax advantaged retirement account that is not sponsored by an employer. Meaning, you can still receive similar tax benefits as a 401(k) even if your employer does not offer a retirement plan. Even if you participate in a retirement plan sponsored by your employer, you can still contribute to an IRA too! The one catch is you might be limited on the amount you can deduct taxes on, based on your income level but more on that later.

Timestamps:
00:00 Introduction
00:17 What Is An IRA?
02:57 Types of IRAs
07:31 Setting Up an IRA
08:32 Contributing to an IRA
09:30 2021 IRA Contribution Limits
10:16 Excess IRA Contributions
11:58 Withdrawing Specifications

*Disclaimers & Disclosures:
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Видео What Exactly is an Individual Retirement Account? канала Enduring Finances