What Is an IRA? Types and How They Work

As someone who’s spent over 30 years guiding clients through their retirement options at Neasham Insurance Agency, I know how important it is to understand IRAs—those tax-advantaged retirement accounts that can really shape your financial future. With traditional IRAs, your contributions may be tax-deductible, while Roth IRAs offer the benefit of tax-free growth down the road. For 2025, you can contribute up to $7,000, or $8,000 if you’re age 50 or older. Just remember, taking money out early can mean taxes and penalties. It’s all about choosing the right path for your long-term goals.