Individual Retirement Account (IRA)
A safe, secure IRA to fit every retirement plan
The IRS sets the guidelines for IRAs at all financial institutions. The below is for informational purposes only, so please consult your tax professional for tax advice.
Funded with pre-tax earned income (meaning you’ve earned this income working and taxes weren't paid on it or you plan to write the deposit off your taxes when you file. You can then take the money out of this account, without penalty, at age 59 & 1/2 and pay the taxes at that time (or when you file taxes for that year).
Funded with after-tax earned income (meaning you’ve earned this income working and already paid taxes on it). You can take the money out of this account, without penalty, at age 59 & 1/2 - and it's tax-free.
Save for education expenses (also known as a Coverdell IRA, Coverdell ESA, or Education Savings Account). The money deposited (after-tax) and earned can be withdrawn tax-free if spent on education. The contribution limit for an Education IRA for the current year is $2,000. See the IRS website for more information.
Move your current retirement account from another financial institution or a previous job (401k, 403B, 457, etc.) to one of the IRAs above.