What is an IRA Account? With constant news regarding the social security system being in jeopardy, more people are looking for alternatives and supplements for retirement income. One easy way to save for retirement is through an IRA. An IRA is an individual retirement arrangement (although most think it stands for account). The purpose is for individuals to be able to contribute annually to retirement savings and provides tax advantages in doing so.
There are two types of IRA accounts, the traditional and the Roth IRA. Today we are taking a look at the traditional IRA account. Why just the traditional? Mostly because I’ve wrote A LOT on the Roth and variety is the spice of life.