individual retirement account

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individual retirement account

n. Abbr. IRA
Any of various government-sponsored accounts that offer tax incentives to people who save money for retirement.

individ′ual retire′ment account`

a savings plan that offers tax advantages to an individual depositor to set aside money for retirement. Abbr.: IRA Compare Keogh plan.
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Noun1.individual retirement account - a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred
References in periodicals archive ?
The bill also would permit elderly people whose income exceeds $100,000 a year to convert their regular Investment Retirement Accounts to ``Roth IRAs.

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