We all want to retire comfortably and live the good life. And we all need money to do so. An IRA (Individual Retirement Account) is one way to help us get there. An IRA is designed to help individuals save for retirement by giving them various savings plans. People try to put in the maximum annual amount they can to increase their savings and to grow their account, using compound interest. IRA funds can be invested in stocks, bonds, CDs, and various kinds of funds. Make sure to keep your eye on your account, because based on the economy, your age and needs, you might want to change how your money is invested and the kind of risks you wish to take. Again, read the fine print; there are penalties for early withdrawals.