individual retirement account


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Related to individual retirement account: Roth Individual Retirement Account

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`


n.
a savings plan that offers tax advantages to an individual depositor to set aside money for retirement. Abbr.: IRA Compare Keogh plan.
[1970–75]
ThesaurusAntonymsRelated WordsSynonymsLegend:
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 ?
Younger workers, however, could invest some of their payroll taxes into higher-risk, potentially higher-yield, Individual Retirement Accounts.
If money is tight, premiums can be paid by using funds in an individual retirement account or 401(k).
It has been three years since he developed a formal personal investment plan consisting of an Individual Retirement Account [IRA] and a separate account where he holds individual securities, such as stocks and real estate investment trusts [REITs].
The survey found that the top reason for moving funds from a retirement plan to a rollover individual retirement account was an existing relationship with a provider outside of the plan.
12 (9/28/98), held that an additional individual retirement account (IRA) distribution received by a taxpayer less than five years after he began a series of substantially equal periodic payments was an impermissible modification that triggered application of the Sec.
In 1995 a taxpayer took early retirement and received a $30,000 distribution from his individual retirement account.
An IRA is a personal, tax-deferred individual retirement account that allows employed people to contribute up to $2,000 a year ($3,000 in 2002) toward their retirement.
It provides the tax advantages of an individual retirement account and the medical expense funding options of a flexible spending account.

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