An IRA can be an excellent way for you to provide yourself with supplemental retirement income. It is one way for you to control your own financial future and be free from relying on Social Security benefits or an employer's retirement plan as your sole means of retirement income. Furthermore, most IRAs are flexible allowing you to include any of several types of investments which best fit your retirement planning needs.

Many investors benefit from provisions allowing taxpayers with less than the allowable limit of (AGI) to deduct from income all or a portion of your annual contribution. However, joint filers with income above $160,000 or individuals with income above $110,000 are not eligible for tax deductible IRA accounts. These investors are eligible for Non-Deductible IRAs.