An Individual Retirement Arrangement (yes, it's "Arrangement," not "Account") is a personal savings plan that allows you to contribute up to $5,000 a year! (If you're 50 or older, you can make an additional $1,000 "catch-up" contribution.) Well, that's nice and all, but what's really in it for you?
You keep more money
An IRA is a (legal!) way for you to keep more of your money from Uncle Sam. And it's possible you have a delightful choice: Do you want to save on taxes now with a traditional IRA, or when you retire with a Roth IRA?
You'll have a rosier (and more flush) future
Every dollar you invest today will work for you until that glorious day when you stop working. The sooner you open an IRA, the more money you'll have for your golden years.
Why you should open an IRA now
You have until tax day in April to make a contribution to your IRA for the previous year. Hop to it!
It's easy to open an IRA
All you have to do is follow these steps to get started saving now and for your future.
- Figure out whether you're eligible.
- Pick the best option.
- Open an account.
Let's get started by determining your eligibility!