Individual Retirement Account is a special retirement planning account for individuals. All or part of the contribution in a tax-deferred savings account may be deductible from current taxes, depending on the individual's income and coverage by an employer-sponsored qualified retirement plan (like a 401(k) plan). Penalties usually apply for withdrawals before age 59-1/4. Withdrawals are taxed as income. See also Roth IRA.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). individual retirement account. Retrieved October 1, 2026, from http://smartdefine.org/individual_retirement_account/definitions/1156002 |
| Chicago | Barry Goldsmith. 2010. "individual retirement account" http://smartdefine.org/individual_retirement_account/definitions/1156002 (accessed October 1, 2026). |
| Harvard | Barry Goldsmith 2010, individual retirement account, Smart Define, viewed 1 October, 2026, <http://smartdefine.org/individual_retirement_account/definitions/1156002>. |
| MLA | Barry Goldsmith. "individual retirement account" 21 October 2010. Web. 1 October 2026. <http://smartdefine.org/individual_retirement_account/definitions/1156002> |