An individual retirement account, or IRA, allows you to save for your golden years with helpful tax implications now. And setting one up is easy.

1. Decide whether you want a traditional IRA or Roth IRA. You pay taxes now on funds put in a Roth IRA and later on funds in a traditional IRA.
2. Fill out new account paperwork. You can do this online.
3. Decide how much to contribute. For 2019, you can designate up to $6,000, plus another $1,000 if you are 50 or older by the year-end.
4. Set up a transfer, one-time or repeating, from a checking or other account to fund your IRA.

American Airlines Federal Credit Union offers a variety of saving options.