Video - Money: Know It to Grow It - IRA

Transcript:

IRA stands for Individual Retirement Account.

While a traditional savings account can grow your money each year…

…that growth may be subject to taxes.

IRA accounts have special tax advantaged features that allow you to either avoid or defer paying taxes.

With a traditional IRA, you put money into it before you pay taxes on it.

So the money in the account can grow and is not subject to tax until you take it out.

With a Roth IRA, you put money in after you've paid taxes on it.

So your money can grow and, if it qualifies, can be taken out, tax free.

Either way, use of an IRA can help your money work harder…

…so you can rest easier.

So that's IRA. Find more ways to know and grow your money at Synchronybank.com.

LEARN MORE: Video - Money: Know It to Grow It - High Yield Savings