what is an ira

What is an IRA?

An IRA, or Individual Retirement Account, is a type of investment vehicle which is specifically made for the retirement of employed individuals. Those people who are allowed to make contributions to an IRA are those who are earning a taxable income through employment or through rendering their service to others. There are some eligibility rules that need to be met before a person can open an IRA, and these rules may vary depending on the type of IRA plan he plans to open.