What are IRA retirement plans?
IRA stands for Individual Retirement Account and unlike a 401(k) is not a “qualified” plan. This does not mean it doesn’t have favorable tax treatment, but rather the distinction to the IRS is that 401(k)s are created by employers, whereas an IRA is established by an individual. There are a few different types of IRAs, such as Simple and Roth IRAs, which have different attributes and qualities, so investigate which type of IRA makes sense for you.
