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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 ​savingsaccount in which ​people can put ​money for their ​pension in a way that ​saves them ​tax. Some ​types of ​individualretirementaccounts 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 ​individualretirementaccount at almost any ​bank, ​insurancecompany, or ​mutualfund. Contributions to ​individualretirementaccounts 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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