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 anguish of the neurotic individual is the same as that of the saint. The neurotic, the saint are engaged in the same battle. Their blood flows from similar wounds. But the first one gasps and the other one gives.”
—Georges Bataille (1897–1962)
“Convent. A place of retirement for women who wish for leisure to meditate upon the sin of idleness.”
—Ambrose Bierce (1842–1914)
“All my life I’ve been harassed by questions: Why is something this way and not another? How do you account for that? This rage to understand, to fill in the blanks, only makes life more banal. If we could only find the courage to leave our destiny to chance, to accept the fundamental mystery of our lives, then we might be closer to the sort of happiness that comes with innocence.”
—Luis Buñuel (1900–1983)