An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and offers many tax advantages. You need to have $50 of earned income to open an account.
You can start an IRA account at any age. Depending on your income, filing status, and whether you're covered by a retirement plan at work — contributions to a traditional IRA account may or may not be tax-deductible.
There are two different types of IRAs: Traditional and Roth IRAs. Each has slightly different rules and benefits. Call us and we will explain the difference…