What is an IRA?
An Individual Retirement Account (IRA) is an account that allows you to save for your retirement while taking advantage of tax benefits.
Having an IRA can be a great way to supplement any employer-sponsored retirement plan you may already have, giving you access to a potentially wider range of investment options. There are different types of IRAs, and each has different requirements and consequences, depending on your personal life circumstances and retirement goals.
Nonqualified withdrawals from an IRA are subject to a 10% federal tax penalty.
Learn more about IRA types, withdrawing funds and rolling over 401(k)s
Take money out of an IRA
- See why age matters for withdrawals.
- Avoid early withdrawal penalties.
- Learn about required distributions if you’re age 70½ or older.
Rollover an old 401(k) to an IRA
- Understand your rollover choices.
- See the pros and cons of rolling over to an IRA.
- Learn the steps of the IRA rollover process.
- How much can I contribute to my IRA each year?
- I contributed too much money to my Traditional IRA. What can I do if the tax-year deadline has passed?
- I contributed too much money to the Roth IRA. What can I do if the tax-year deadline has passed?
- Can I borrow from my IRA? What are the rules?
- Can I make early withdrawals from my IRA?
- What is my Modified Adjusted Gross Income?
- How do I invest funds within my account?
Learn More about Schwab IRA accounts
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