Home Insurance Glossary - Individual Retirement Account (IRA)

The Definition of "Individual Retirement Account (IRA)" is:

A tax-deductible savings plan for those who are self-employed, or those whose earnings are below a certain level or whose employers do not offer retirement plans. Others may make limited contributions on a tax-deferred basis. The Roth IRA, a special kind of retirement account created in 1997, may offer greater tax benefits to certain individuals.



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