retirement
ira
Individual Retirement Account — a tax-advantaged investment account in the US for retirement savings.
Example
"She contributed $6,000 to her Roth IRA before the tax deadline."
💡 Memory Tip
IRA = Individual Retirement Account. It's YOUR individual account for retirement.
Etymology
Abbreviation of Individual Retirement Account, created by the Employee Retirement Income Security Act of 1974.
Common Misspellings
IRAI.R.A.Iraira account
Related Terms
See Also
retirementtax-advantaged