What is an IRA?
The Bankrate.com financial term of the day is: "Individual Retirement Account, or IRA."
"Individual retirement account," or "IRA," is the more familiar way of referring to what the Internal Revenue Service formally calls an "individual retirement arrangement." It's a personal savings plan that allows you to keep the tax man at bay while you put money aside for your later years. Your nest egg grows faster because you put off paying taxes until you withdraw the money when you retire. Since IRAs are intended for retirement, there are usually penalties if you try to raid the account too early -- that is, before age 59½. Apart from when you were an infant, it may be the only time a half-birthday really matters. Also, you have to meet income and contribution limits for enjoying an IRA's tax advantages.
Put aside money for your golden years in a tax-friendly manner by opening an individual retirement account, or IRA.
Check out retirement savings options by visiting the retirement section at Bankrate.com.
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Follow this three-step process to choose the investments in your retirement plan.
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