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English definition of “individual retirement account”

individual retirement account

noun [C]
 
 
( abbreviation IRA)
FINANCE in the US, a savings account in which people can put money for their pension in a way that saves them tax. Some types of individual retirement accounts are started by people on their own and some by employers for their employees: set up/contribute to an individual retirement account You can set up an individual retirement account at almost any bank, insurance company, or mutual fund. Contributions to individual retirement accounts are tax-deductible according to certain guidelines.
(Definition of individual retirement account from the Cambridge Business English Dictionary © Cambridge University Press)
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