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Individual Retirement Account (IRA)

Definition - What does Individual Retirement Account (IRA) mean?

An Individual Retirement Account (IRA) is a type of retirement plan offered by many financial institutions in the USA. The aim of an Individual Retirement Account is to provide an advantage related to tax on retirement savings.

Justipedia explains Individual Retirement Account (IRA)

There are three main types of Individual Retirement Accounts: Traditional, Roth and SEP. Anyone who is employed, self-employed or a small business owner can participate in this program. Rules regarding IRAs were introduced in 1974 in an attempt to further legalize pension programs.

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