IRA Retirement Account

IRA Retirement Account Definition

Individual Retirement Account. A tax-deferred savings account to which individuals can contribute.

With the passing of ERISA, IRA's were established to enable individuals to set up their own retirement plans. Employees may contribute to an IRA each year, regardless of participation in a company-sponsored plan. All contributions, along with investment and interest earnings, are tax deferred until retirement. Funds may be withdrawn prior to retirement, but not without incurring a substantial penalty.

IRA and Keogh plans are subject to frequent changes in law with respect to the deductibility of contributions.

For over 1,000 additional terms and definitions please see our Investment Glossary Guide.

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