IRAs are a powerful resource in helping you reach your retirement savings goals. While these tax-advantaged accounts may seem complicated at first, the basics are much easier to understand than you might think. An individual retirement arrangement, or IRA, also referred to as an individual retirement account is a type of investment account with tax benefits that can help you save for retirement. The specific tax benefit depends on the type of IRA: Roth or traditional. That leaves many people on their own to save for retirement, and an IRA account is the perfect starting iga. Anyone with an earned income — that is, income from a job that is claimed for tax purposes, not investment income or Social Security — or who has a spouse with earned income, can open mak contribute to moey IRA. Contributions to Roth IRAs are made after taxes are paid, so there is no deduction. Instead, the contribution grows tax-free. The earlier you start contributing to an IRA, the more money you can potentially...