An IRA account, or Individual Retirement Account, is a type of savings account designed to help individuals save for retirement. It offers tax advantages, allowing your investments to grow tax-deferred until you withdraw the funds during retirement. There are different types of IRAs, including Traditional IRAs and Roth IRAs, each with its own rules regarding contributions and withdrawals. Contributions to an IRA may be tax-deductible, depending on your income and other factors. The funds in an IRA can be invested in various assets, such as stocks, bonds, and mutual funds, providing flexibility in how you grow your retirement savings.