Individual Retirement Account (Traditional IRA) is an individual, tax-deferred retirement account for employed persons. Subject to certain limits, contributions are deductible against income earned that year. Interest and profits accumulate tax-deferred until the funds are withdrawn at age 59 1/2 or later. Early withdrawals are subject to a 10% penalty. Withdrawals also may be subject to income tax.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). individual retirement account (traditional ira). Retrieved October 1, 2026, from http://smartdefine.org/individual_retirement_account_(traditional_ira)/definitions/1156007 |
| Chicago | Barry Goldsmith. 2010. "individual retirement account (traditional ira)" http://smartdefine.org/individual_retirement_account_(traditional_ira)/definitions/1156007 (accessed October 1, 2026). |
| Harvard | Barry Goldsmith 2010, individual retirement account (traditional ira), Smart Define, viewed 1 October, 2026, <http://smartdefine.org/individual_retirement_account_(traditional_ira)/definitions/1156007>. |
| MLA | Barry Goldsmith. "individual retirement account (traditional ira)" 21 October 2010. Web. 1 October 2026. <http://smartdefine.org/individual_retirement_account_(traditional_ira)/definitions/1156007> |