What is an IRA?
An Individual Retirement Account (IRA) can provide a tax-advantaged way to save for retirement. For the 2009 tax year, you can contribute up to $5,000 — or up to $6,000 if you’re age 50 or older — to a Traditional IRA and/or a Roth IRA. See how an IRA can help you save for retirement. Who can contribute to an IRA? No matter how much money you make or what kind of pension plan you have at work, you can contribute to an IRA. Learn more about IRA eligibility. Which IRA is right for you? Roth IRAs and Traditional IRAs are the two major types of IRAs (there are also SEP IRAs, which are designed for self-employed people and owners of small businesses). Traditional IRAs and Roth IRAs differ from one another in many important respects. Deciding which one is right for you depends on your income level and tax situation. Selecting the right IRA: Roth or Traditional?
