An Individual Retirement Account is a form of retirement plan, provided by many financial institutions, that provides tax advantages for retirement savings in the United States as described in IRS Publication 590, Individual Retirement Arrangement (IRAs). The term IRA encompasses an individual retirement account; a trust or custodial account set up for the exclusive benefit of taxpayers or their beneficiaries; and an individual retirement annuity, by which the taxpayers purchase an annuity contract or an endowment contract from a life insurance company.
Read more about Individual Retirement Account: Types, Funding, Valid Investments, Distribution of Funds, Bankruptcy Status, Protection From Creditors, Borrowing, Double Taxation, Statistics, Similar Policies in Other Countries
Famous quotes containing the words individual, retirement and/or account:
“When a village ceases to be a community, it becomes oppressive in its narrow conformity. So one becomes an individual and migrates to the city. There, finding others likeminded, one re- establishes a village community. Nowadays only New Yorkers are yokels.”
—Paul Goodman (1911–1972)
“Convent. A place of retirement for women who wish for leisure to meditate upon the sin of idleness.”
—Ambrose Bierce (1842–1914)
“Classic remorse, as all the moralists are agreed, is a most undesirable sentiment. If you have behaved badly, repent, make what amends you can and address yourself to the task of behaving better next time. On no account brood over your wrongdoing. ROLLING IN THE MUCK IS NOT THE BEST WAY OF GETTING CLEAN.”
—Aldous Huxley (1894–1963)