individual retirement account


Also found in: Thesaurus, Medical, Legal, Financial, Acronyms, Encyclopedia, Wikipedia.
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 ?
"Using a Roth individual retirement account nets investors more retirement dollars in many cases," she observes.
Individual retirement accounts (IRAs) are another excellent savings vehicle.
Individual retirement account assets reached an estimated $5.3 trillion in the first quarter of 2012, a nearly 9 percent rise over the $4.8 trillion in estimated assets for 2011, according to a new report.
Under this Act, the primary purpose of the Individual Retirement Account, or IRA, was to give those individuals not covered by an employer's retirement plan the opportunity to save for retirement on their own by establishing tax-deferred accounts with private financial institutions.
Another provision would allow insurers and investment firms to provide investment advice to 401(k) and Individual Retirement Account participants, even where their own products are among the investment options.
Change the beneficiary on your life insurance, annuities and Individual Retirement Account (these go to the named beneficiary, even if your will says something different).
An HSA program has two parts: a high-deductible health plan (which usually costs less than other health plans) and a tax-advantaged, portable savings account for payment of current medical expenses which builds like a medical individual retirement account (IRA).
"Social Security was never intended to be an individual retirement account. It.
2003-23 addresses the practical problem of employee stock ownership plan (ESOP) participants seeking to roll over distributions of S corporation stock into an individual retirement account (IRA), when the trustee or custodian of such an account is not a permissible S shareholder.
With the new tax laws, first-time buyers are allowed to withdraw up to $10,000 from an IRA (Individual Retirement Account) or a 401 (k) plan without any penalties, if used for the down-payment and/or closing costs of a home.

Full browser ?