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:
“A nation’s domestic and foreign policies and actions should be derived from the same standards of ethics, honesty and morality which are characteristic of the individual citizens of the nation.”
—Jimmy Carter (James Earl Carter, Jr.)
“He who comes into Assemblies only to gratifie his Curiosity, and not to make a Figure, enjoys the Pleasures of Retirement in a[n] ...exquisite Degree.”
—Richard Steele (1672–1729)
“Our leading men are not of much account and never have been, but the average of the people is immense, beyond all history. Sometimes I think in all departments, literature and art included, that will be the way our superiority will exhibit itself. We will not have great individuals or great leaders, but a great average bulk, unprecedentedly great.”
—Walt Whitman (1819–1892)