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:
“... we’re not out to benefit society, to remold existence, to make industry safe for anyone except ourselves, to give any small peoples except ourselves their rights. We’re not out for submerged tenths, we’re not going to suffer over how the other half lives. We’re out for Mary’s job and Luella’s art, and Barbara’s independence and the rest of our individual careers and desires.”
—Anne O’Hagan (1869–?)
“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)
“We might as easily reprove the east wind, or the frost, as a political party, whose members, for the most part, could give no account of their position, but stand for the defence of those interests in which they find themselves.”
—Ralph Waldo Emerson (1803–1882)