What The Heck Is an IRA?

The video tutorial explains the concept of Individual Retirement Accounts (IRAs) as tax shelters designed to encourage personal retirement savings. It covers the history and definition of IRAs, highlighting the differences between traditional and Roth IRAs. Traditional IRAs offer tax deductions on contributions, while Roth IRAs provide tax-free withdrawals on growth. The video also discusses special variations like SEP and SIMPLE IRAs for small business owners and freelancers. Key considerations, such as withdrawal rules and contribution limits, are addressed to help viewers choose the right IRA for their needs.

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