IRA
Individual Retirement Account
IRA - Individual Retirement Account - Contributions get deducted off taxable income (as if you never earned it) and gains in the account can grow tax deferred until you withdraw.
You can't withdraw until you are 59 ½ unless death or disability.
If you do, you get a 10% penalty on the amount withdrawn plus a tax on the full amount also.
You must begin withdrawals by the time you are 70 ½ or you will get a 50% penalty and taxed on full amount.
You can invest in practically any financial instrument under the umbrella of an IRA.
