An Individual Retirement Account or “IRA” is a tax-deferred retirement account for an individual that permits the owner to set aside money each year, with earnings tax-deferred until withdrawals begin at age 59 ½ or later. Traditional IRAs can earn interest or dividends as well as capital gains that are not subject to tax while still in the account. Federal and State taxes are withheld upon withdrawal of all or any part of the funds. Alternatively, contributions to Roth IRAs are taxed at the beginning and grow tax free provided certain conditions are met. IRAs are NCUA insured.