IRA: Your Personal Powerhouse

An IRA (Individual Retirement Account) is a retirement account you open yourself, independent of any employer. You can contribute up to $7,500/year in 2026 ($8,600 if you're 50+).

IRAs come in Traditional and Roth flavors, just like 401(k)s. The Roth IRA has an extra perk: you can withdraw your contributions (not earnings) at any time, penalty-free. That makes it a flexible emergency backup.