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What is an Individual Retirement Account (IRA)?

An individual retirement account (IRA)—known as an individual retirement arrangement by the IRS—is a long-term, tax-advantaged savings account that individuals with earned income can use to save for the future.

What is an IRA & how does it work?

For the Internal Revenue Service, the term stands for "individual retirement arrangement," a selection of plans available that provide tax advantages to people saving for retirement. In common usage, IRA also stands for "individual retirement account," or a type of plan that one can pay into throughout their career and withdraw from in retirement.

Who can set up a simplified employee pension IRA?

Simplified employee pension IRAs, or SEP IRAs, can be set up by small business owners or self-employed individuals. Only employers and the self-employed can make contributions to this type of account. The annual contribution limit is the lesser of 25% of employee compensation, or $66,000 in 2023 and $69,000 in 2024.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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