Summary of Individual Retirement Accounts

Traditional individual retirement accounts are an excellent way for people to save for retirement needs. There are many investment opportunities available to fund IRAs. And your contributions may be tax-deductible, too.

However, there are some strings attached. If your contributions are deductible, you will pay tax on your distributions. Furthermore, you are limited to when you can start taking distributions and when you must start taking them. Nevertheless, an IRA is worth looking into if you are considering additional funding for retirement income.