Individual Retirement Account (IRA)

An Individual Retirement Account (IRA) is an investment account that allows individuals to save and invest money for their retirement in a tax-advantaged way. It provides you with tax-deferred growth potential, meaning that no taxes are due on the earnings until funds are withdrawn, and depending on the type of IRA you own, certain funds may be eligible for a tax deduction when they are deposited. In addition, traditional IRAs allow individuals to earn interest until they need the money and delay taking distributions until age 70½. IRA assets are protected from creditors in many states, which can make it an important part of your estate planning strategy.