Are Individual Retirement Accounts FDIC insured?

Are Individual Retirement Accounts FDIC insured?

As someone who's been researching retirement planning, I recently looked into whether Individual Retirement Accounts (IRAs) are FDIC insured. To my relief, I found out that IRAs held at FDIC-insured banks are indeed covered by the FDIC. This means that if a bank fails, the FDIC will protect your IRA deposits up to $250,000 per depositor. It's important to note, however, that this coverage applies only to cash or cash-equivalent products like CDs, not to investments like stocks or mutual funds. So, while it's comforting to know that our IRAs are protected, it's essential to diversify our investments to ensure a secure retirement.

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