Cambridge Dictionaries online Cambridge Dictionaries online

The most popular online dictionary and thesaurus for learners of English

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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
Focus on the pronunciation of individual retirement account

Word of the Day

closeness

the quality of knowing someone very well, liking them a lot, and wanting to spend a lot of time together

Word of the Day

Blog

Read our blog about how the English language behaves.

Learn More

New Words

Find words and meanings that have just started to be used in English, and let us know what you think of them.

Learn More