Individual Retirement Account
/ˌɪndɪˈvɪdʒuəl rɪˈtaɪərmənt əˈkaʊnt/
Definitions
- (n.) A tax-advantaged savings account established by an individual to set aside funds for retirement, governed by federal law and offering specific tax benefits and contribution limits.
She contributed the maximum amount allowed to her individual retirement account this year.
Forms
- individual retirement account
- individual retirement accounts
Related terms
See also
Commentary
Often abbreviated as IRA, these accounts are subject to complex tax rules that influence retirement planning and legal compliance.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.