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Anyone can save for retirement, not just those who have access to a 401(k) plan at work. An individual retirement arrangement, or IRA account, is a good way to build up a fund and get tax advantages at the same time. If you’re self-employed or otherwise don’t have a 401(k) option, an IRA can serve you well.
How IRAs workThere are two main types of IRAs — traditional and Roth IRAs — and they work a little differently. Although both rely on personal contributions and can be opened at banks and most brokerages, the tax treatment for each differs.