An IRA account, or Individual Retirement Account, is a type of savings account designed to help individuals save for retirement while enjoying tax advantages. There are different types of IRAs, including Traditional IRAs and Roth IRAs, each with its own rules regarding contributions and withdrawals. Contributions to a Traditional IRA may be tax-deductible, while withdrawals are taxed as income. In contrast, contributions to a Roth IRA are made with after-tax dollars, allowing for tax-free withdrawals in retirement. Individuals can open an IRA account through various financial institutions, such as banks or investment firms. The annual contribution limits and eligibility requirements can vary, so it's important to understand the specific rules for each type of IRA. Investing in an IRA can be a valuable strategy for building a secure financial future.