1) You may benefit from tax breaks. Depending on the type of IRA, you can save on your taxes now with a deduction or save later with a tax-free withdrawal.
2) Grow your account with income from interest, dividends, and capital gains that can accumulate each year without an end of year taxable event.
3) Greater investment flexibility. Most 401(k)s and other employer retirement plans only provide a limited selection of investment choices. With an IRA, you can pick from a wider range of investment options.