An individual retirement account (IRA) is a savings and investment account with tax advantages.
You can open an IRA through a bank, investment brokerage, or employer. Through employers, IRAs are 401k, Roth 401k, 403b, Roth 403b, Thrift Savings Plan, or SEP (Simplified employee pension).
A Roth IRA is an individual retirement account (IRA) funded with after-tax dollars. It allows funds to grow over time without incurring taxes on the profits.
The backdoor Roth IRA allows high-income earners to transfer funds from a traditional IRA to a Roth IRA.