An Individual Retirement Account (IRA) is a self-directed retirement account with tax advantages. Traditional IRAs offer pre-tax contributions (with deductibility phase-outs); Roth IRAs offer tax-free growth with income limits.
An Individual Retirement Account (IRA) is a self-directed retirement account with tax advantages. Traditional IRAs offer pre-tax contributions (with deductibility phase-outs); Roth IRAs offer tax-free growth with income limits.
IRAs let you take control of your retirement money — much wider investment selection than most 401(k)s, no plan fees, full flexibility. For rollovers from former employers, an IRA is usually the right destination.
You can contribute to a non-deductible traditional IRA even above the Roth income limits, then convert it to Roth the same year — the "backdoor Roth." Just watch the pro-rata rule if you have other pre-tax IRA balances.
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