Individual Retirement Accounts (IRA)
An IRA is available to any individual under the age of 70 ½ who has earned income. A spousal IRA is available for a non-working spouse under the age of 70 ½. The biggest benefit is you'll pay no federal income tax on your investment earnings until you begin to withdraw the funds at retirement. There may be substantial penalties for withdrawals prior to age 59 ½. While current law has specific restrictions based on income levels, for most taxpayers IRA contributions are tax deductible.
