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individual retirement account
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noun
a savings plan that offers tax advantages to an individual depositor to set aside money for retirement. Abbreviation: IRA
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Words nearby individual retirement account
individuality, individualize, individual liberty, individually, individual medley, individual retirement account, individuate, individuation, indivisible, indo-, Indo-Aryan
Dictionary.com Unabridged
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
How to use individual retirement account in a sentence
Legislation currently making its way through Congress would take a sledgehammer to the massive individual retirement accounts built up tax-free by a select group of the ultrawealthy.
House Bill Would Blow Up the Massive IRAs of the Superwealthy|by Justin Elliott, Patricia Callahan and James Bandler|September 21, 2021|ProPublica
Cultural definitions for individual retirement account
Individual Retirement Account
A retirement plan. The “traditional” IRA allows individuals to contribute pretax earnings up to a maximum yearly allowance and to defer income taxes until the money is withdrawn after retirement. The “Roth” IRA allows individuals to contribute aftertax earnings and pay no taxes on future withdrawals. In contrast to a 401(k) plan, an IRA is funded entirely by the individual tax payer.
The New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.