individual retirement account ira

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Definition of individual retirement account ira in English English dictionary

<span class="word-self">individualspan> <span class="word-self">retirementspan> <span class="word-self">accountspan>
An investment account in which a person can set aside income up to a specified amount each year and usually deduct the contributions from taxable income, with the contributions and interest being tax-deferred until retirement
<span class="word-self">individualspan> <span class="word-self">retirementspan> <span class="word-self">accountspan>
a self-funded retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred