Meaning of “individual retirement account” in the English Dictionary


"individual retirement account" in Business English

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individual retirement accountnoun [ C ]

uk us 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)