What does individual retirement account mean?
Definitions for individual retirement account
in·di·vid·ual re·tire·ment ac·count
This dictionary definitions page includes all the possible meanings, example usage and translations of the word individual retirement account.
Princeton's WordNet
individual retirement account, IRAnoun
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
ChatGPT
individual retirement account
An Individual Retirement Account (IRA) is a type of savings account in the United States that offers tax advantages for retirement savings. It allows individuals to allocate a portion of their income to this account pre-tax, thus reducing their annual taxable income. Earnings on investments within an IRA grow tax-free until they are withdrawn in retirement. Types of IRAs include Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs, each with its own eligibility requirements and tax advantages.
Wikidata
Individual retirement account
An Individual Retirement Account is a form of "individual retirement plan", provided by many financial institutions, that provides tax advantages for retirement savings in the United States. An individual retirement account is a type of "individual retirement arrangement" as described in IRS Publication 590, Individual Retirement Arrangements. The term IRA encompasses an individual retirement account; a trust or custodial account set up for the exclusive benefit of taxpayers or their beneficiaries; and an individual retirement annuity, by which the taxpayers purchase an annuity contract or an endowment contract from a life insurance company. As of 2010, financial crises and poor stock market performance had caused retirement savings account values to fall so low that 75% of Americans nearing retirement age had less than $30,000 in their retirement accounts, which Forbes called "the greatest retirement crisis in American history."
Matched Categories
Numerology
Chaldean Numerology
The numerical value of individual retirement account in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of individual retirement account in Pythagorean Numerology is: 3
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"individual retirement account." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/individual+retirement+account>.
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