IRAs allow tax-deferred or tax-free investment growth. Traditional IRAs allow tax-deductible donations, whereas Roth IRAs allow tax-free retirement withdrawals.
IRAs let you invest in equities, bonds, mutual funds, real estate, and more to meet your financial goals.
IRAs may protect your retirement money from creditors.
IRAs allow penalty-free early withdrawals for first-time home purchases, education, and medical expenses.
Married couples can optimize retirement savings by contributing to a spousal IRA, even if one spouse has little or no income.
IRAs can help you pass on money to heirs while lowering taxes.
IRAs don't have age limits for contributions, so you can save and get tax benefits even if you work past retirement age.
Depending on the type of IRA and their relationship to the account owner, beneficiaries may be able to stretch out required minimum distributions across their lifetime, lowering the tax burden.