IRA stands for Individual Retirement Account, and it's basically a savings account with tax breaks, making it an ideal way to save for your retirement. A lot of people mistakenly think an IRA is an investment itself, but it's really the basket in which you keep stocks, bonds, mutual funds and other assets—with tax advantages.

Unlike a 401(k) plan sponsored by your employer, after you terminate employment you may want your own retirement account. The most common way to do so, is through a rollover IRA. These are accounts that you open on your own (Voluntary Rollover) or may have been opened for you upon termination of employment (Auto-Rollover). eIRA provides you an effective and cost-efficient solution for setting up a rollover IRA.

The two most common are Traditional and Roth. The main difference between the two is when you pay income tax on the money.