IRAs

An IRA is a tax-advantaged retirement account that allows you to save and invest your money in a number of different ways. The IRA itself is not an investment. It is more like a home for your investments. Regardless of which type of IRA you have or how you allocate IRA funds, the advantage is that you do not pay tax on your money as it grows. You pay tax before you contribute to the account or after you withdraw from the account, depending on the type of IRA you have.

Traditional, Roth, and Educational Available

A Roth IRA is a retirement account that encourages you to save by offering you a tax benefit. Unlike with a traditional IRA, your contributions to a Roth IRA are not tax-deductible. But those contributions and your investment earnings grow tax-free, meaning there's no tax on your Roth IRA withdrawals in retirement. An Education IRA, also referred to as a Coverdell Education Savings Account (or Coverdell ESA), is a tax-advantaged savings account intended to help parents and guardians prepare for the expense of their child's education.