Someone might want to open an Individual Retirement Account (IRA) as their retirement account primarily because IRAs offer notable tax advantages, flexibility, and accessibility for retirement savings. Key reasons include:

• Nearly anyone with earned income can open an IRA, regardless of employer status, making it accessible for self-employed individuals and those without a 401(k) option.

• IRAs provide tax benefits: Traditional IRAs allow contributions that may be tax-deductible, lowering taxable income for the year contributed. Roth IRAs involve after-tax contributions but offer tax-free growth and tax-free withdrawals in retirement, which is beneficial if one expects to be in a higher tax bracket later.

• IRAs offer access to emergency funds under special circumstances without penalties, such as for first-time home purchases, medical expenses, or education costs.

• Small business owners or self-employed persons can use specific types of IRAs (SEP or SIMPLE IRAs) to maximize retirement savings beyond personal IRAs.

• IRAs provide investment flexibility, allowing individuals to either actively manage their portfolio or choose managed funds tailored for retirement goals.

• IRAs are not employer-tied; individuals can keep contributing to them even if they change jobs or do not have access to employer-sponsored plans.

Overall, IRAs are a versatile, tax-advantaged way to complement or substitute other retirement savings vehicles, helping individuals build and control their retirement nest egg effectively.