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Individual Retirement
Account (IRA)

It doesn't matter how old (or young) you are, start saving now!

  • Overview
  • Why Invest Now?

Individual Retirement Account (IRA)

It doesn't matter how old (or young) you are - if you haven't started saving for retirement, you need to, now. Even if you have started, it doesn’t hurt to do more. So, you should consider an IRA. Below is a quick overview of IRAs:

There are many different kinds of IRAs. The most common are:

Traditional IRAs

Roth IRAs

Converting a Traditional IRA to a Roth IRA

Coverdell Education Savings Accounts (CESAs)

Rollover IRAs

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Why Invest Now?

It's simple: the sooner you start, the more money you'll have. And the longer you wait, the less you could have. Here's a startling (and real) example:

How Much You Put In vs. Total Account Worth

This chart shows the total account worth of your IRA if you start saving at 21.

Now see what happens if you wait until age 35 to start.

These charts assume annual contributions and a 3% rate of return compounded monthly. Your own plan may earn more or less than this example and income taxes would be due when you withdraw from your plan.

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