Review:
Ira (individual Retirement Account)
overall review score: 4.5
⭐⭐⭐⭐⭐
score is between 0 and 5
An individual retirement account (IRA) is a tax-advantaged savings account that individuals can use to save for retirement.
Key Features
- Tax advantages
- Various investment options
- Contribution limits
- Early withdrawal penalties
Pros
- Tax benefits on contributions
- Flexibility in investment options
- Potential for growth over time
Cons
- Contribution limits may restrict savings potential
- Early withdrawal penalties discourage premature withdrawals