What is an IRA? | IRAs Explained | Titan



What is an IRA? | IRAs Explained | Titan

Individual Retirement Accounts, or IRAs, provide you with a way to save for retirement with tax advantages. Learn more with Titan's John De Yonker.

Video Transcript

An IRA, aka an individual retirement account is an investment account with tax advantages designed to help Americans save for retirement. This isn't a company sponsored account like a 401k. Anyone can make an IRA regardless of your employment status. All that's really required is earned income. Aka, you just have to make a couple of bucks. These accounts incentivize people to save for retirement, and all investments within an IRA will grow either tax free or tax deferred until retirement. This really allows your money to do more for you while it's invested versus stopping to pay Uncle Sam each year along the way. Now, there are some limitations to IRAs, whether it's contribution limits, income limits, lock up periods and more. So it is best to really know which type of IRA is best for you. A quick fun fact on the IRA. A Roth was created in 1997 as a part of the Tax Relief Act. The Roth got its name from Senator William Roth Junior who was really the driving force behind its creation.

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