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|This article is a part of Wikinvest's Personal Finance section and Guide to Investing. Please contribute or edit to improve it.|
An individual retirement account (IRA) is a type of retirement savings plan in the US, which offers tax benefits to the holder. The maximum contribution to all IRAs for a person under the age of 50 is capped at $5,000, and at $6000 for a person over 50.
There are two main types of IRAs:
Other types of IRAs include: