What is an IRA?
What is an IRA?
user
You may have heard the term from news coverage about President Obama’s health care reform law.  It stands for “individual retirement account”, and they are a type of account that you may have heard of called a “retirement account”, because you can use them to build up money that you can use later in life, such as for buying a house or going on vacation.  In America, you can contribute up to $5,000 per year to an IRA, though there are different limits in various states and countries.
assistant
Can anyone have one? What age can you get the money?
user
Yes, everyone can have one, from the age of 18 or 21.  You may not have money saved up yet, but you can still get an IRA!
assistant
Ok thank you for the information.
user