Part 1/4:
Understanding IRAs: The Benefits of Tax-Deferred Savings
When considering how to save for the future, many individuals may question the differences between an Individual Retirement Account (IRA) and a traditional savings account. This article will delve into these distinctions, underscoring why an IRA can be a superior option for those looking to build their wealth over time.
What is an IRA?
An IRA is a specific type of investment account designed primarily for retirement savings. The defining feature of an IRA is its tax-deferred status, which offers substantial advantages over standard savings accounts held at banks or brokerage firms.