Most people know they should save for retirement. But there's one account that makes your money grow faster — thanks to major tax advantages. It's called an IRA. Here are 10 simple reasons to open one.

1. A Traditional IRA can lower your taxes today

You may be able to deduct your contribution from your taxable income. That means a smaller tax bill — or bigger refund — this tax year. You're investing for the future and keeping more money now.

2. A Roth IRA means tax-free money later

You pay taxes on money going in, but your earnings grow tax-free. Qualifying withdrawals of those earnings in retirement can generally come out completely tax-free too.

3. Tax-advantaged accounts grow much faster

In a regular account, taxes eat into your returns every year. In an IRA, that growth stays in and keeps compounding. Here's the difference — same $7,000 contributed per year, over 40 years:

After 10 years: IRA $109,518 · Taxable $102,321

After 20 years: IRA $345,960 · Taxable $299,872

After 30 years: IRA $856,421 · Taxable $681,280

After 40 years: IRA $1,958,467 · Taxable $1,417,662

That's $540,805 more — from the same contributions, just held in the right account.

Assumptions: $7,000 annual contribution, 40-year period, 8% annualized return, 15% annual tax rate on capital gains and dividends applied to the taxable account. Hypothetical and for illustrative purposes only. Actual returns will vary. Past performance does not guarantee future results. Not indicative of any Beanstox portfolio performance.

4. You can contribute up to $7,000 per year

The IRS allows up to $7,000 per year ($8,000 if you're 50 or older). That's $7,000 growing for your future — every single year.

5. Starting early can make a massive difference

The longer your money compounds, the bigger it gets. Starting in your 20s instead of your 40s can mean hundreds of thousands of dollars more — from the exact same monthly contribution.

6. It's yours — not your employer's

An IRA follows you wherever you go. No open enrollment, no job requirements. Contribute on your schedule and keep full control.

7. You choose how to invest

Unlike many 401(k)s, an IRA gives you a wide range of options. Beanstox offers expert-built ETF portfolios — so you never have to pick individual stocks.

8. Easy to open — start with $10

No experience needed. Open a Beanstox IRA in minutes, start with as little as $10, and set up automatic contributions from there.

9. It can work alongside your 401(k)

IRA limits are separate from your 401(k). If you have both, you can max out both. If you don't have a 401(k) at work, an IRA could be the next best thing.

10. Your future self will thank you

Social Security was never designed to cover everything in retirement. An IRA helps bridge that gap — so you retire with options, not uncertainty.

The bottom line:

• Traditional IRA = tax break now. Roth IRA = tax-free earnings later. You can have both.

• The tax advantage alone can mean over $500,000 more over 40 years.

• Open a Beanstox IRA in minutes and automate your contributions from day one.

The best time to open one was years ago. The second-best time might be right now.