What is an IRA | by Wall Street Survivor

What is an IRA?
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IRAs, or Individual Retirement Accounts, are a great way to save for retirement and to receive a tax deduction.

IRAs have the advantage of not being tied to a person’s employer so, if you quit your job, you won’t have to worry about moving your plan like you do with a 401(k).

Like 401(k)s, IRAs have an immediate tax advantage, in that you may be eligible for a tax deduction. The amount of your deduction is based on your income, filing status and whether or not you have any 401(k)s. When you are ready to withdraw money, you will need to pay taxes but, because your income is likely lower in retirement than when you contributed, you will be in a lower tax bracket and will, as a result, pay less.

The contribution limit for an IRA is $5,500 ($6,500 if you’re over 50) – the limit is shared with Roth IRAs – and the money grows tax-free in the plan.

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