individual retirement accounts

Definition/Scope: Savings account in which a person may deposit up to a stipulated amount each year with the deposits deductible from taxable income and both deposits and interest taxable after the person's retirement.

Acronym:

IRA

Broader Terms:

accounts
retirement income

Narrower Terms:

Keogh plans
Roth IRAs

Related Terms:

401(K) plans
minimum required distributions