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:
“An individual is an encloser. Time and space, liberty and necessity, truth and thought, are left at large no longer.”
—Ralph Waldo Emerson (1803–1882)
“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)
“How then can we account for the persistence of the myth that inside the empty nest lives a shattered and depressed shell of a woman—a woman in constant pain because her children no longer live under her roof? Is it possible that a notion so pervasive is, in fact, just a myth?”
—Lillian Breslow Rubin (20th century)