Individual Retirement Accounts (IRAs) are private accounts into which persons may contribute up to $2000 (for individuals) or $2250 (for individuals and a non-working spouse) annually. Starting with the 2002 tax year, the amounts are $3000 for individual accounts, and $3500 for persons over 50 years old. The contributions are tax-deductible. As with other plans, benefits are taxed upon withdrawal at retirement.