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Whoa, whoa, back up honey. An IRA really stands for Individual Retirement Arrangement.



I always thought it was Individual Retirement Account??? Did they change it?



No, that's the way it was (and still is) written in the tax code. It's just that in bank and brokerage brochures it's morphed into Individual Retirement Account.

It's a great plan like Gia said and really the purpose of it is for people to secure their own future, given the uncertainty of Social Security. But the damn thing is WAY out of control as far as details, options, cut off points depending on your income etc. Keep it simple.