Tax brackets for 2020 make many subtle changes to the previous year. Tax shelters can also be a boon for your savings.
According to the Investment Company Institute, an IRA is a trust or custodial account set up in the United States for the exclusive benefit of an individual or an individualโs beneficiaries. That definition is fine for technically minded folks, but I like to think of an IRA as just a special label that we stick on investments.