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:
“In a town-meeting, the great secret of political science was uncovered, and the problem solved, how to give every individual his fair weight in the government, without any disorder from numbers. In a town-meeting, the roots of society were reached. Here the rich gave counsel, but the poor also; and moreover, the just and the unjust.”
—Ralph Waldo Emerson (1803–1882)
“Douglas. Now remains a sweet reversion—
We may boldly spend, upon the hope
Of what is to come in.
A comfort of retirement lives in this.
Hotspur. A rendezvous, a home to fly unto.”
—William Shakespeare (1564–1616)
“Realism, whether it be socialist or not, falls short of reality. It shrinks it, attenuates it, falsifies it; it does not take into account our basic truths and our fundamental obsessions: love, death, astonishment. It presents man in a reduced and estranged perspective. Truth is in our dreams, in the imagination.”
—Eugène Ionesco (b. 1912)