what is an ira 
an individual retirement account ira is a long term tax advantaged savings account that individuals with earned income can use to save for the future the ira is designed primarily for self employed people who do not have access to workplace retirement accounts such as the 401 k which is available only through employers however anyone with a retirement plan at work can also open an ira and invest additional savings with it you can open an ira through a bank an investment company an online brokerage or a personal broker investopedia paige mclaughlin