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individual retirement account |
Also found in: Dictionary/thesaurus, Medical, Legal, Acronyms, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
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Individual Retirement Account (IRA) A retirement account that may be established by an employed person. IRA contributions are tax deductible according to certain guidelines, and the gains in the account are tax-deferred.
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Social Security was never intended to be an individual retirement account. Unlike a 401(k), Individual Retirement Account holders are not restricted to any specific mutual fund manager. Having a defined benefit plan or an individual retirement account also increases the percentage contributed. |
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individual retirement account