An Individual Retirement Account (IRA) is a type of savings account designed to help individuals save for retirement while enjoying tax advantages. Contributions to an IRA may be tax-deductible, and the money can grow tax-deferred until withdrawal, typically after age 59½. There are different types of IRAs, including Traditional IRAs and Roth IRAs, each with its own rules regarding contributions and withdrawals. Individuals can open an IRA through various financial institutions, such as banks or investment firms. The annual contribution limit is set by the IRS, and it may change over time. Investing in an IRA can be a crucial step in building a secure financial future for retirement.