Introduction to Saving for Retirement with Individual Retirement Accounts (IRAs)
The money contributed to an IRA may be tax-deductible. Contributions that are deductible will, however, be taxed when money is withdrawn from the account.
The IRS has very specific rules regulating the contribution amounts and deductibility thereof. It also has rules regarding withdrawals and when they can be made and how they are taxed. IRAs are an excellent way to save for retirement, but you should be aware of the rules, benefits, and drawbacks.