{"id":68436,"date":"2023-02-24T13:01:25","date_gmt":"2023-02-24T07:31:25","guid":{"rendered":"https:\/\/www.the-next-tech.com\/?post_type=web-story&#038;p=68436"},"modified":"2023-02-24T13:01:30","modified_gmt":"2023-02-24T07:31:30","slug":"what-is-individual-retirement-account-ira-and-its-benefits","status":"publish","type":"web-story","link":"https:\/\/www.the-next-tech.com\/web-stories\/what-is-individual-retirement-account-ira-and-its-benefits\/","title":{"rendered":"What is Individual Retirement Account (IRA) and Its Benefits"},"content":{"rendered":"<p><html amp=\"\" lang=\"en\"><head><meta charSet=\"utf-8\"\/><meta name=\"viewport\" content=\"width=device-width,minimum-scale=1,initial-scale=1\"\/><script async=\"\" src=\"https:\/\/cdn.ampproject.org\/v0.js\"><\/script><script async=\"\" src=\"https:\/\/cdn.ampproject.org\/v0\/amp-story-1.0.js\" custom-element=\"amp-story\"><\/script><link 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poster-portrait-src=\"https:\/\/s3.amazonaws.com\/static.the-next-tech.com\/wp-content\/uploads\/2023\/02\/24130012\/Cover-Image-157.jpg\"><amp-story-page id=\"5917a938-818e-4b5b-86e2-59cde8b5421c\" auto-advance-after=\"7s\"><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#f3e9dd\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-a9b9c48d-67ce-4ffb-9fc2-6107fa17c6b1\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:-29.12621%;top:-9.2233%;width:157.52427%;height:67.1521%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-7fa571d7-1191-4492-b42d-865822021981\">\n<div style=\"position:absolute;width:100%;height:100.08675%;left:0%;top:-0.04338%\" data-leaf-element=\"true\"><amp-img layout=\"fill\" src=\"https:\/\/img.freepik.com\/premium-vector\/ira-individual-retirement-account-pension-plan-senior-retiree-retirement-savings-fund_327176-1116.jpg?w=2000\" alt=\"ira-individual-retirement-account-pension-plan-senior-retiree-retirement-savings-fund_327176-1116.jpg\"><\/amp-img><\/div>\n<\/div>\n<\/div>\n<div style=\"position:absolute;pointer-events:none;left:12.37864%;top:63.43042%;width:75%;height:25.72816%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6472491909385114% 0.6472491909385114% 0.6472491909385114% 0.6472491909385114% \/ 1.257861635220126% 1.257861635220126% 1.257861635220126% 1.257861635220126%\" id=\"el-79023b72-10bb-4615-ba33-7cf86f0804d3\">\n<h2 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:0.3043689320388338% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.533981em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"What_is_Individual_Retirement_Account_IRA_and_Its_Benefits\"><\/span><span><span style=\"font-weight: 700; color: #003bad\">What is Individual Retirement Account (IRA) and It&#8217;s Benefits<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"540c089b-c0a8-4531-a245-5feeb1dbbe72\" auto-advance-after=\"7s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-54873b6a-daab-461b-a844-d825818230e0\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-c47e5c4a-7ab4-4fce-8cab-82629fd861a1\",\"keyframes\":{\"transform\":[\"translate3d(-114.51104%, 0px, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#eec2bc\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-e15be94d-64cc-471d-a709-4c2f84566925\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.16505%;top:23.13916%;width:76.94175%;height:53.72168%;opacity:1\">\n<div id=\"anim-54873b6a-daab-461b-a844-d825818230e0\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-c47e5c4a-7ab4-4fce-8cab-82629fd861a1\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(-114.51104%, 0px, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6309148264984227% 0.6309148264984227% 0.6309148264984227% 0.6309148264984227% \/ 0.6024096385542169% 0.6024096385542169% 0.6024096385542169% 0.6024096385542169%\" id=\"el-12aa1598-50ad-4669-b428-689bc49378c2\">\n<h2 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.6766561514195593% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.485437em;line-height:1.4;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"An_individual_retirement_account_IRA_is_a_tax-advantaged_investment_account_that_is_designed_to_help_individuals_save_for_retirement\"><\/span><span><span style=\"font-weight: 700; color: #a4133c\">An individual retirement account (IRA) is a tax-advantaged investment account that is designed to help individuals save for retirement.<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"8c67cfa5-cd57-436b-b19e-288beed017a9\" auto-advance-after=\"7s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-50119871-6f9f-46ef-9784-4a212e2ff796\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-e890cc3d-6639-4e7a-b5ac-bfdfef2bde12\",\"keyframes\":{\"transform\":[\"translate3d(114.82649%, 0px, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#0c1727\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-9f7681c1-ef2e-4187-938d-f4a7305fb5de\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.65049%;top:17.79935%;width:76.94175%;height:64.23948%;opacity:1\">\n<div id=\"anim-50119871-6f9f-46ef-9784-4a212e2ff796\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-e890cc3d-6639-4e7a-b5ac-bfdfef2bde12\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(114.82649%, 0px, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6309148264984227% 0.6309148264984227% 0.6309148264984227% 0.6309148264984227% \/ 0.5037783375314862% 0.5037783375314862% 0.5037783375314862% 0.5037783375314862%\" id=\"el-830071b0-df7e-458b-80f8-e79b182db98d\">\n<h3 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.4962145110410096% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.355987em;line-height:1.4;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"There_are_two_types_of_IRAs_traditional_and_Roth_Traditional_IRAs_allow_you_to_contribute_pre-tax_dollars_and_pay_taxes_on_your_contributions_and_earnings_when_you_withdraw_the_money_in_retirement_Roth_IRAs_on_the_other_hand_allow_you_to_contribute_after-tax_dollars_and_withdraw_the_money_tax-free_in_retirement\"><\/span><span><span style=\"font-weight: 700; color: #fff599\">There are two types of IRAs: traditional and Roth. Traditional IRAs allow you to contribute pre-tax dollars and pay taxes on your contributions and earnings when you withdraw the money in retirement. Roth IRAs, on the other hand, allow you to contribute after-tax dollars and withdraw the money tax-free in retirement.<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"749c938e-7bf9-4b80-9b65-f3e0a49033ac\" auto-advance-after=\"7s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-7065a8b2-9879-4f17-94ab-6f7424efb116\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1400,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-767ab17f-8c5e-4256-ba03-11faf42fa9dc\",\"keyframes\":{\"transform\":[\"translate3d(0px, 182.68924%, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":0,\"duration\":1400,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#bfdbe9\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-0d6a58e4-fcf2-46fb-a8b7-d916af32d2c7\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.8932%;top:27.6699%;width:76.45631%;height:44.66019%;opacity:1\">\n<div id=\"anim-7065a8b2-9879-4f17-94ab-6f7424efb116\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-767ab17f-8c5e-4256-ba03-11faf42fa9dc\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(0px, 182.68924%, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0.6349206349206349% 0.6349206349206349% 0.6349206349206349% 0.6349206349206349% \/ 0.7246376811594203% 0.7246376811594203% 0.7246376811594203% 0.7246376811594203%\" id=\"el-ad58c447-9063-4884-8534-3099c7127526\">\n<h3 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.5674603174603179% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.404531em;line-height:1.4;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"Both_traditional_and_Roth_IRAs_have_annual_contribution_limits_set_by_the_IRS_and_the_maximum_contribution_amount_can_vary_based_on_your_age_and_income_level\"><\/span><span><span style=\"font-weight: 700; color: #264156\">Both traditional and Roth IRAs have annual contribution limits set by the IRS, and the maximum contribution amount can vary based on your age and income level.<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"2280d723-3ec6-4a81-a14b-26c1999e416a\" auto-advance-after=\"7s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-e990c06d-277e-4b6a-97a5-4a79b14ef9d5\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":200,\"duration\":1400,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-99f6aa5b-2ec7-4926-bfde-3d2eddce3566\",\"keyframes\":{\"transform\":[\"translate3d(0px, -174.31261%, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":200,\"duration\":1400,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#fef9ef\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-4b3354c2-d288-4316-bab6-edd94388cde8\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.65049%;top:26.21359%;width:76.45631%;height:47.73463%;opacity:1\">\n<div id=\"anim-e990c06d-277e-4b6a-97a5-4a79b14ef9d5\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-99f6aa5b-2ec7-4926-bfde-3d2eddce3566\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(0px, -174.31261%, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" id=\"el-9a51ae0f-aab9-4bad-a3ea-b55322a18a89\">\n<h3 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:0.9790476190476189% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.388350em;line-height:1;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"IRAs_offer_a_wide_range_of_investment_options_including_stocks_bonds_mutual_funds_and_exchange-traded_funds_ETFs_Contributions_to_traditional_IRAs_may_be_tax-deductible_which_can_lower_your_taxable_income_for_the_year_in_which_you_make_the_contribution\"><\/span><span><span style=\"font-weight: 700; color: #3a566e\">IRAs offer a wide range of investment options, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). Contributions to traditional IRAs may be tax-deductible, which can lower your taxable income for the year in which you make the contribution.<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"1957a94b-2e84-4bf7-8f28-6305ba7d7f9e\" auto-advance-after=\"7s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-8c3f652e-8ade-4a24-8457-8c931d6311a2\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":500,\"duration\":2000,\"easing\":\"cubic-bezier(0.4, 0.4, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#3a566e\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-88c83c65-7451-4312-8790-9909edb1ba3c\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.65049%;top:23.94822%;width:76.45631%;height:52.26537%;opacity:1\">\n<div id=\"anim-8c3f652e-8ade-4a24-8457-8c931d6311a2\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" id=\"el-cf098b59-fb3c-4015-8c60-507d413da422\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:0.7226984126984117% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.469256em;line-height:1.1;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700; color: #fff9ee\">One of the main benefits of IRAs is that they offer tax-deferred growth, meaning that you won&#8217;t pay taxes on any investment gains until you withdraw the money from the account.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"b7dfec11-5da7-4a40-b010-8718589ae414\" auto-advance-after=\"7s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-4fe4556b-14c2-4c11-a4e1-25cf7f43744b\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":100,\"duration\":1000,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-a622605f-aad0-4a8a-9c9d-4b5b510e2c84\",\"keyframes\":{\"transform\":[\"translate3d(0px, -160.4901%, 0)\",\"translate3d(0px, 0px, 0)\"]},\"delay\":100,\"duration\":1000,\"easing\":\"cubic-bezier(0.2, 0.6, 0.0, 1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#211f1e\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-c9c33ea2-e5b1-4346-a28b-1b2f36d099bf\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.8932%;top:23.13916%;width:76.94175%;height:53.55987%;opacity:1\">\n<div id=\"anim-4fe4556b-14c2-4c11-a4e1-25cf7f43744b\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-a622605f-aad0-4a8a-9c9d-4b5b510e2c84\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:translate3d(0px, -160.4901%, 0)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" id=\"el-33c2fe01-64f8-47ba-b35e-f51c83cc3a2f\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:0.22476340694006264% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.404531em;line-height:1.2;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700; color: #faf4ea\">IRAs also offer flexibility in terms of when you can withdraw your money. While there are penalties for early withdrawals before the age of 59 \u00bd, there are exceptions for certain circumstances, such as medical expenses or purchasing a first home.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"2cbd33e2-885f-4ff8-a946-8671ef8fe9b8\" auto-advance-after=\"7s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-417e94a9-5fbd-4221-973c-eb266f289168\",\"keyframes\":{\"opacity\":[0,1]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(.3,0,.55,1)\",\"fill\":\"both\"}]<\/script><\/amp-story-animation><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-ed59f4dd-c1a8-4349-95fd-0f94f6736351\",\"keyframes\":{\"transform\":[\"scale(0.3333333333333333)\",\"scale(1)\"]},\"delay\":0,\"duration\":1500,\"easing\":\"cubic-bezier(.3,0,.55,1)\",\"fill\":\"forwards\"}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#bcebee\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-7f6b703d-f04e-4be2-b66f-0a03293cb2ce\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:11.8932%;top:24.75728%;width:76.45631%;height:50.32362%;opacity:1\">\n<div id=\"anim-417e94a9-5fbd-4221-973c-eb266f289168\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:0;--initial-transform:none\">\n<div id=\"anim-ed59f4dd-c1a8-4349-95fd-0f94f6736351\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:scale(0.3333333333333333)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0% 0% 0% 0% \/ 0% 0% 0% 0%\" id=\"el-c4253ed7-0749-46a5-8c20-f54a21a18559\">\n<p class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:-0.5674603174603179% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.404531em;line-height:1.4;text-align:center;padding:0;color:#000000\"><span><span style=\"font-weight: 700; color: #a4133c\">IRAs can be a good option for self-employed individuals, as they offer additional contribution options through simplified employee pension (SEP) IRAs and solo 401(k) plans.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><amp-story-page id=\"ff936298-71ea-46d9-bfdf-16ca815cfde3\" auto-advance-after=\"7s\"><amp-story-animation layout=\"nodisplay\" trigger=\"visibility\"><script type=\"application\/json\">[{\"selector\":\"#anim-0b16acb0-3a79-4f31-84fd-949d44d93c00\",\"keyframes\":[{\"transform\":\"scale(1)\",\"offset\":0},{\"transform\":\"scale(1.5)\",\"offset\":0.33},{\"transform\":\"scale(0.95)\",\"offset\":0.66},{\"transform\":\"scale(1)\",\"offset\":1}],\"delay\":0,\"duration\":1450,\"easing\":\"ease-in-out\",\"fill\":\"both\",\"iterations\":1}]<\/script><\/amp-story-animation><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\" style=\"background-color:#2d2a35\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:0;top:-9.25926%;width:100%;height:118.51852%;opacity:1\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0\" class=\"mask\" id=\"el-3eafcc56-975f-4623-86a7-b4f1a84fcc3b\">\n<div class=\"fill\" style=\"will-change:transform\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><amp-story-grid-layer template=\"vertical\" aspect-ratio=\"412:618\" class=\"grid-layer\"><\/p>\n<div class=\"page-fullbleed-area\">\n<div class=\"page-safe-area\">\n<div style=\"position:absolute;pointer-events:none;left:14.07767%;top:30.58252%;width:71.1165%;height:46.76375%;opacity:1\">\n<div id=\"anim-0b16acb0-3a79-4f31-84fd-949d44d93c00\" class=\"animation-wrapper\" style=\"width:100%;height:100%;display:block;position:absolute;top:0;left:0;--initial-opacity:1;--initial-transform:scale(1)\">\n<div style=\"pointer-events:initial;width:100%;height:100%;display:block;position:absolute;top:0;left:0;z-index:0;border-radius:0% 0% 0% 0% \/ 0% 0% 0% 0%\" id=\"el-b997ac97-d12c-437c-9e2a-ad09dee4a426\">\n<h1 class=\"fill text-wrapper\" style=\"white-space:pre-line;overflow-wrap:break-word;word-break:break-word;margin:0.3547781569965871% 0;font-family:&quot;Merriweather&quot;,serif;font-size:0.436893em;line-height:1.18;text-align:center;padding:0;color:#000000\"><span class=\"ez-toc-section\" id=\"Unlike_401k_plans_IRAs_do_not_require_an_employer_to_set_up_and_manage_the_account_This_means_that_individuals_have_more_control_over_their_retirement_savings\"><\/span><span><span style=\"font-weight: 700; color: #fff0d8\">Unlike 401(k) plans, IRAs do not require an employer to set up and manage the account. This means that individuals have more control over their retirement savings.<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/amp-story-grid-layer><\/amp-story-page><\/amp-story><\/body><\/html><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IRAs can be an effective tool for saving for retirement, offering tax advantages, investment flexibility, and control over your retirement savings.<\/p>\n","protected":false},"author":152,"featured_media":68437,"template":"","meta":{"web_stories_publisher_logo":59216,"web_stories_poster":[],"web_stories_products":[],"footnotes":""},"web_story_category":[],"web_story_tag":[20087,20081,18103,20094,20083,20089,20074,20092,20075,20076,20082,19302,20088,20091,20093,18662,20080,20085,20086,18102,20077,20084,20090,20079,20078],"class_list":["post-68436","web-story","type-web-story","status-publish","has-post-thumbnail","hentry"],"story_data":{"version":46,"pages":[{"elements":[{"opacity":100,"flip":{"vertical":false,"horizontal":false},"rotationAngle":0,"lockAspectRatio":true,"x":1,"y":1,"width":1,"height":1,"mask":{"type":"rectangle"},"isBackground":true,"isDefaultBackground":true,"type":"shape","id":"a9b9c48d-67ce-4ffb-9fc2-6107fa17c6b1"},{"opacity":100,"flip":{"vertical":false,"horizontal":false},"rotationAngle":0,"lockAspectRatio":false,"scale":100,"focalX":50,"focalY":50,"resource":{"type":"image","mimeType":"image\/jpeg","width":2000,"height":1280,"sizes":[],"isPlaceholder":false,"isExternal":true,"needsProxy":true,"src":"https:\/\/img.freepik.com\/premium-vector\/ira-individual-retirement-account-pension-plan-senior-retiree-retirement-savings-fund_327176-1116.jpg?w=2000","id":"0ba92cbc-7a9c-45a1-969f-c7fe37e3f5d4","alt":"ira-individual-retirement-account-pension-plan-senior-retiree-retirement-savings-fund_327176-1116.jpg","baseColor":"#f3e4d6"},"type":"image","x":-120,"y":-57,"width":649,"height":415,"mask":{"type":"rectangle","showInLibrary":true,"name":"Rectangle","path":"M 0,0 1,0 1,1 0,1 0,0 Z","ratio":1,"supportsBorder":true},"id":"7fa571d7-1191-4492-b42d-865822021981"},{"opacity":100,"flip":{"vertical":false,"horizontal":false},"rotationAngle":0,"lockAspectRatio":true,"backgroundTextMode":"NONE","font":{"family":"Merriweather","fallbacks":["serif"],"weights":[300,400,700,900],"styles":["italic","regular"],"variants":[[0,300],[1,300],[0,400],[1,400],[0,700],[1,700],[0,900],[1,900]],"service":"fonts.google.com","metrics":{"upm":1000,"asc":984,"des":-273,"tAsc":984,"tDes":-273,"tLGap":0,"wAsc":1065,"wDes":273,"xH":555,"capH":743,"yMin":-272,"yMax":1055,"hAsc":984,"hDes":-273,"lGap":0}},"fontSize":33,"backgroundColor":{"color":{"r":196,"g":196,"b":196}},"lineHeight":1.2,"textAlign":"center","padding":{"locked":true,"hasHiddenPadding":false,"horizontal":0,"vertical":0},"type":"text","content":"<span style=\"font-weight: 700; color: #003bad\">What is Individual Retirement Account (IRA) and It's Benefits<\/span>","borderRadius":{"locked":true,"topLeft":2,"topRight":2,"bottomRight":2,"bottomLeft":2},"x":51,"y":392,"width":309,"height":159,"id":"79023b72-10bb-4615-ba33-7cf86f0804d3"}],"backgroundColor":{"color":{"r":243,"g":233,"b":221}},"type":"page","id":"5917a938-818e-4b5b-86e2-59cde8b5421c"},{"elements":[{"opacity":100,"flip":{"vertical":false,"horizontal":false},"rotationAngle":0,"lockAspectRatio":true,"x":1,"y":1,"width":1,"height":1,"mask":{"type":"rectangle"},"isBackground":true,"isDefaultBackground":true,"type":"shape","id":"e15be94d-64cc-471d-a709-4c2f84566925","basedOn":"19fd0111-6b00-47ca-9a5f-608e886acc75"},{"opacity":100,"flip":{"vertical":false,"horizontal":false},"rotationAngle":0,"lockAspectRatio":true,"backgroundTextMode":"NONE","font":{"family":"Merriweather","fallbacks":["serif"],"weights":[300,400,700,900],"styles":["italic","regular"],"variants":[[0,300],[1,300],[0,400],[1,400],[0,700],[1,700],[0,900],[1,900]],"service":"fonts.google.com","metrics":{"upm":1000,"asc":984,"des":-273,"tAsc":984,"tDes":-273,"tLGap":0,"wAsc":1065,"wDes":273,"xH":555,"capH":743,"yMin":-272,"yMax":1055,"hAsc":984,"hDes":-273,"lGap":0}},"fontSize":30,"backgroundColor":{"color":{"r":196,"g":196,"b":196}},"lineHeight":1.4,"textAlign":"center","padding":{"locked":true,"hasHiddenPadding":false},"type":"text","content":"<span style=\"font-weight: 700; color: #a4133c\">An individual retirement account (IRA) is a tax-advantaged investment account that is designed to help individuals save for retirement.<\/span>","borderRadius":{"locked":true,"topLeft":2,"topRight":2,"bottomRight":2,"bottomLeft":2},"width":317,"height":332,"basedOn":"2868430e-9026-4cde-b1f0-0eb54cd14531","id":"12aa1598-50ad-4669-b428-689bc49378c2","x":46,"y":143}],"animations":[{"id":"966311ac-88f8-4a39-ae22-75dfcb48ec61","type":"effect-fly-in","targets":["12aa1598-50ad-4669-b428-689bc49378c2"],"flyInDir":"leftToRight","duration":1500,"delay":0}],"backgroundColor":{"color":{"r":238,"g":194,"b":188}},"type":"page","id":"540c089b-c0a8-4531-a245-5feeb1dbbe72","pageTemplateType":"editorial"},{"elements":[{"opacity":100,"flip":{"vertical":false,"horizontal":false},"rotationAngle":0,"lockAspectRatio":true,"x":1,"y":1,"width":1,"height":1,"mask":{"type":"rectangle"},"isBackground":true,"isDefaultBackground":true,"id":"9f7681c1-ef2e-4187-938d-f4a7305fb5de","type":"shape","basedOn":"d827eebd-99aa-4727-a364-a99e36f8cd29"},{"opacity":100,"flip":{"vertical":false,"horizontal":false},"rotationAngle":0,"lockAspectRatio":true,"backgroundTextMode":"NONE","font":{"family":"Merriweather","fallbacks":["serif"],"weights":[300,400,700,900],"styles":["italic","regular"],"variants":[[0,300],[1,300],[0,400],[1,400],[0,700],[1,700],[0,900],[1,900]],"service":"fonts.google.com","metrics":{"upm":1000,"asc":984,"des":-273,"tAsc":984,"tDes":-273,"tLGap":0,"wAsc":1065,"wDes":273,"xH":555,"capH":743,"yMin":-272,"yMax":1055,"hAsc":984,"hDes":-273,"lGap":0}},"fontSize":22,"backgroundColor":{"color":{"r":196,"g":196,"b":196}},"lineHeight":1.4,"textAlign":"center","padding":{"locked":true,"hasHiddenPadding":false},"content":"<span style=\"font-weight: 700; color: #fff599\">There are two types of IRAs: traditional and Roth. Traditional IRAs allow you to contribute pre-tax dollars and pay taxes on your contributions and earnings when you withdraw the money in retirement. 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