individual retirement account

a savings plan that offers tax advantages to an individual depositor to set aside money for retirement. Abbr.: IRA Cf. Keogh plan.

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Universalium. 2010.

Look at other dictionaries:

  • individual retirement account — in·di·vid·u·al re··tire·ment ac·count n often cap I&R&A: ira Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. individual retirement account …   Law dictionary

  • individual retirement account  — [n] IRA Keogh plan, retirement plan, Roth IRA, selffunded retirement plan, tax free savings account; concepts 335,340,446,710 …   New thesaurus

  • Individual Retirement Account — An Individual Retirement Account (or IRA) is a retirement plan account that provides some tax advantages for retirement savings in the United States.Legal basisThe individual retirement account and related vehicles (see Definitions) were created… …   Wikipedia

  • individual retirement account — ( IRA) A retirement account that may be established by an employed person. IRA contributions are tax deductible according to certain guidelines, and the gains in the account are tax deferred. Bloomberg Financial Dictionary * * * individual… …   Financial and business terms

  • individual retirement account — noun 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 • Syn: ↑IRA • Hypernyms: ↑pension plan, ↑pension account, ↑retirement plan, ↑retirement… …   Useful english dictionary

  • individual retirement account — individ′ual retire′ment account n. bus gov a savings plan that offers tax advantages to an individual depositor to set aside money for retirement Abbr.: IRA Compare Keogh plan • Etymology: 1970–75 …   From formal English to slang

  • individual retirement account — (I.R.A.) Individuals with earned income are permitted, under certain circumstances, to set aside a limited amount of such income per year for a retirement The amount so set aside can be deducted by the taxpayer and is subject to income tax only… …   Black's law dictionary

  • individual retirement account — (IRA)  Tax deferred retirement savings program created in the 1980s to try to get Americans to save. With restrictions, workers can put up to $2,000 per year in an IRA account and not pay income taxes on the money or interest until they withdraw… …   American business jargon

  • Individual Retirement Account — tax deferred trust fund into which individual employees can deposit part of their salaries for withdrawal after retirement, IRA …   English contemporary dictionary

  • individual retirement account — IRA A US pension plan that allows annual sums to be set aside from earnings free of tax and accumulated in a fund, which pays interest. Basic rate tax is payable once the saver starts to withdraw from the account, which must be done no later than …   Big dictionary of business and management

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