Individual Retirement Account

An IRA is a tax-exempt account for individuals that allows for regular deposits that can only be withdrawn after the age of 59 and a half or earlier, with a penalty of 10%. Each withdrawal is taxed accordingly. There are limitations to the amount of money you can deposit into such an account in a certain period. These limitations are calculated on the basis of age and years of employment. Contributions can be subject to a rollover, accumulate interest over time and are deductible from capital taxable income. Please refer to IRA qualification requirements.