An Individual Retirement Account (IRA) allows you to save money for retirement in a tax-advantage way. An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. The three main types of IRAs, each have different advantage
you make contributions with money you've already paid taxes on (after-tax), and your money may potentially grow tax-free, with tax-free withdrawals in retirement provided that certain conditions are made.
A Traditional IRA intended for money 'roll over' from a qualified retirement plan. Rollovers involve moving eligible assets from an employer-sponsored plan such as a 401(k) or 403(b) into an IRA.
Whether you choose a Traditional or ROTH IRA, the tax benefits allow your savings to potentially grow or compound, more quickly than in a taxable account.
Many financial experts estimate that you may need up to 85% of your pre-retirement income in retirement. An employer-sponsored savings plan, such as 401(k), might not be enough to accumulate the savings you need. Fortunately you can contribute to both a 401(k) and an IRA. An Inland Trades Investments IRA can help you;
You should try to contribute the maximum amount to your IRA each year to get the most out of these savings. Be sure to monitor your investments and make advantage as needed, especially as retirement nears and your goals change.