IRAs, Individual Retirement Arrangements, have been around for a long time now (since 1974). And they are a very good way to save for retirement. According to the ICI, the Investment Company Institute, 40% of all households have at least one IRA and there are over $5 trillion invested in IRAs.
If your employer does not sponsor a retirement plan at work such as a 401(k) you can start your own retirement plan using an IRA. As always, whenever the government is involved with money the IRS and Congress set the rules:You must have earned income, the W-2 kind of income "
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