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What is an IRA?

An IRA, or individual retirement account, is a tax-advantaged retirement account held by an individual that is not tied to his or her employer. IRAs allow annual contributions, but often the major funding from an IRA instead happens when someone leaves his or her employer. Separation from employment allows an individual to “roll over” the balance out of his or her workplace retirement plan (typically a 401(k), 403(b), 457, or TSP). Check with your tax advisor if you have questions regarding your eligibility for an IRA.

Note: No contents of this post may be relied upon as tax, legal, or financial advice, as they have not been tailored to you and have not been reviewed by any attorney, financial advisor, or tax professional. For any questions related to your own specific situation, please consult with your own attorney, tax professional, and/or licensed financial advisor.