Individual Retirement Accounts
 

Individual Retirement Accounts

Individual retirement accounts or IRA for short are the main type of retirement plans available for individuals and business owners. If you are employed by a company, you probably will have a 401k, 403b, 457 plan, a pension plan or a similar type of retirement plan. In addition to having a 401k or 403b sponsored by your company, you can also supplement your retirement plan by establishing individual retirement accounts.

How to open individual retirement accounts?

You can open (establish) an individual retirement account or individual retirement accounts at any financial institution. You need the financial institution to be the custodian of your individual retirement accounts. Some investors get put off by the term 'custodian' however the word custodian in individual retirement accounts work in your favor. You are in control of all your financial assets that go into your individual retirement accounts. The financial institution that is the custodian of your individual retirement accounts merely hold the financial assets for you.

Individual retirement accounts