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:
“I was perfectly certain that I had nothing to offer of an individual nature and that my only chance of doing my duty as the wife of a public official was to do exactly as the majority of women were doing ...”
—Eleanor Roosevelt (1884–1962)
“Douglas. Now remains a sweet reversion—
We may boldly spend, upon the hope
Of what is to come in.
A comfort of retirement lives in this.
Hotspur. A rendezvous, a home to fly unto.”
—William Shakespeare (1564–1616)
“At length he would call to let us know where he was waiting for us with his canoe, when, on account of the windings of the stream, we did not know where the shore was, but he did not call often enough, forgetting that we were not Indians.... This was not because he was unaccommodating, but a proof of superior manners. Indians like to get along with the least possible communication and ado. He was really paying us a great compliment all the while, thinking that we preferred a hint to a kick.”
—Henry David Thoreau (1817–1862)