Research: No Contributing to a retirement account is an essential part of planning for a secure financial future. Employer-sponsored retirement plans are divided into two major categories: defined-benefit plans and defined-contribution plans. While both options have their advantages, individual retirement accounts (IRAs) provide individuals with an excellent opportunity to save for retirement independently.
An individual retirement account (IRA) is a tax-advantaged investment account that helps you save for retirement. You can open an IRA at a financial institution of your choice, such as a bank or brokerage firm. The primary benefit of contributing to a Traditional IRA is the tax deductibility of your contributions.