Individual Retirement Accounts were created by Congress to allow individual people to save for retirement. Contributions to a traditional IRA may be tax deductible or not, depending upon the contributor’s financial situation, and all earnings within the IRA grow tax-deferred. Withdrawals from the account at retirement are typically taxed as income. You can learn more about how IRAs work in this article.
For information on how to add a Traditional IRA to your Ellevest account, click here.