When you think of saving for retirement, what is the first thing that comes to mind? For many individuals, it is their employer-sponsored 401(k) plan. However, you cannot complete the conversation around retirement planning without addressing Individual Retirement Accounts (also known as IRAs). Over $15 trillion of the U.S.’s wealth is held in IRA accounts, and over 28,000 Americans have IRA accounts with balances over $5 million. When planning for retirement, contributing to an IRA can be a useful addition to your retirement portfolio – and you can make IRA contributions in conjunction with contributions to your employer-sponsored retirement account (such as a 401(k)) to maximize retirement savings. This makes the IRA a viable option for a wide range of individuals at various ages and income levels. This article will review the different types of IRA accounts, the rules behind withdrawing from and making contributions to these accounts, how an IRA could fit into your overall retirement portfolio, and what an IRA account could potentially grow to if you contribute the maximum amount to it each year. Click "Traditional vs. Roth IRA" for the full article