The National Directory of Certified Public Accountants

Ask A CPA - Retirement Planning

What Is An IRA (Individual Retirement Account) ?

A IRA is a retirement account to which up to $5,500 (6,500 if you are 50 or older) can be contributed. The contribution may be deductable or non-deductable depending whether you are covered by your employer's retirement plan and income limitations. There are various types of IRAs; there are traditional, Roth, Simple, and SEP IRAs.

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