Is Ira A Qualified Retirement Plan? 
Yes , IRA 's are considered qualified retirement plans . Basically , qualified simply means that the government has established certain laws governing their tax favored status and rules about how those funds must be withdrawn . IRA 's are sold both through banks and insurance companies . Insurance companies use an annuity to be the vehicle through which the IRA is funded . A traditional IRA allows you to deduct your contributions from your taxes up to the limits specified by the Government . A Roth IRA allows you to pay the taxes in the accumulation phase but are tax favored when you begin taking withdrawals . See your tax advisor for details on how an IRA will work for you , then when you are ready , a good retirement planner can help you set things up in the best way for you . 