Individual Retirement Account (IRA) | Definition

a type of retirement savings account

Next word APR ᐳ

Did You Know

Unlike 401(k)s, 403(b)s, and pensions, IRAs are not available through your job.

The money that you contribute to your Individual Retirement Account is invested in stocks and bonds. The goal is to continue to contribute over time and allow the power of compounding interest to do its magic. 

Opening an IRA Account

You can open an account at a bank or investment firm. 

Is IRA Right for Me?

An IRA may be the perfect fit for you if–

  • Your job does not offer a retirement savings plan
  • Your job does not offer a match and has a pricey plan 
  • You want another place to stash away retirement savings 
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  • Money Goals
  • Request Money
  • Categorize Spending
  • Money Talk

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