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youamp;#39;ve probably heard from a lot of people you should put some money into an ira and youamp;#39;re like yeah wait whatamp;#39;s an ira you might have heard of roth iras on traditional iras but you canamp;#39;t quite grasp what exactly an ira is well let us help you out howamp;#39;s it going everybody my name is ali with strategic well designers and this is an ira simply explained in less than five minutes so ira stands for individual retirement account but what exactly does that mean well itamp;#39;s like a savings account for retirement your next question might be zombie why not just put my money into a savings account well there are a few reasons with a savings account your money can only grow depending on the interest within that savings account the national average for interest rates right now for savings accounts stand out point zero five percent per year but letamp;#39;s say you find a high yield savings account that has a 0.5 interest per year so if