Share This Article:

Economic Definition of individual retirement account. Defined.

Offline Version: PDF

Term individual retirement account Definition: A savings retirement account set up with a bank, mutual fund, brokerage firm that allows people to set aside a portion of their income each year. Like other private pension plans, income diverted to an individual retirement account (or IRA) is tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.


« indirect business taxes | induced »


Alphabetical Reference to Over 2,000 Economic Terms