IRA

The IRA was originally developed in 1974 for those individuals not covered by a company pension plan. "The Individual Retirement Account legislation allowed the average person a chance to put money in to a tax-advantaged account," says Bruce Grace, a Chartered Financial Analyst and Assistant Professor of Finance at Morehead State University.

This is a considerable benefit for individuals no matter if they have company-established pension plans or not. "The Roth IRA may be even a better deal for those who think they will be in a higher tax bracket at retirement. The Education IRA gives families the flexibility to make tax-deductible contributions for the future education of their children," Grace added.

Since the original enactment of IRA legislation, several types of IRAs have been developed with a variety of characteristics that can meet your investment and retirement needs.

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