Review:
Individual Retirement Accounts (iras)
overall review score: 4.5
⭐⭐⭐⭐⭐
score is between 0 and 5
Individual Retirement Accounts (IRAs) are investment accounts that individuals can use to save for retirement while taking advantage of tax benefits.
Key Features
- Tax-advantaged retirement savings
- Various investment options
- Contribution limits
- Early withdrawal penalties
- Required minimum distributions
Pros
- Tax advantages for retirement savings
- Flexibility in investment options
- Potential for growth over time
Cons
- Contribution limits may restrict higher-income earners
- Penalties for early withdrawals before retirement age