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    Iras and how they work

    By in Newsbeat

    But too many people don't understand what an IRA is, how to open one, and how these excellent accounts work. If you've been thinking about. Start saving for retirement today with an IRA. Here's how they work. There are several potential sources of retirement income, including Social Security benefits and pension income from a former employer. However, you can also save money on your own using personal accounts or an employer-sponsored plan like a (k) or (b).

    Three women talking at work Luis Alvarez/Getty The specific tax benefit depends on the type of IRA: Roth or traditional. For many people. IRA stands for Individual Retirement Account, and it's basically a savings account with big tax breaks, making it an ideal way to sock away cash for your. In this case, a working spouse can fund a "spousal IRA" for the nonworking spouse. Say the husband works outside the home, while the wife is at home taking.

    An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax deferred basis. Learn more. Roth IRAs don't have age restrictions, but they do have income-eligibility . You might opt to do some consulting or freelance work, on which you'll have to pay. This tutorial looks at the traditional individual retirement account – otherwise known as the traditional IRA. We will go through how it works, how. Learn how a Simplified Employer Pension (SEP) IRA works. Find out who qualifies to participate and what advantages it offers for retirement.