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:
“The individual whose vision encompasses the whole world often feels nowhere so hedged in and out of touch with his surroundings as in his native land.”
—Emma Goldman (1869–1940)
“Adultery itself in its principle is many times nothing but a curious inquisition after, and envy of another man’s enclosed pleasures: and there have been many who refused fairer objects that they might ravish an enclosed woman from her retirement and single possessor.”
—Jeremy Taylor (1613–1667)
“After reading Howitt’s account of the Australian gold-diggings one evening,... I asked myself why I might not be washing some gold daily, though it were only the finest particles,—why I might not sink a shaft down to the gold within me, and work that mine.... At any rate, I might pursue some path, however solitary and narrow and crooked, in which I could walk with love and reverence.”
—Henry David Thoreau (1817–1862)