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Insurance Definition: INDIVIDUAL RETIREMENT ACCOUNT/IRA

By Compuquotes Team on March 27th, 2008

INDIVIDUAL RETIREMENT ACCOUNT/IRA:

Definition:

  • A tax-deductible savings plan for those who are self-employed, or those whose earnings are below a certain level or whose employers do not offer retirement plans. Others may make limited contributions on a tax-deferred basis. The Roth IRA, a special kind of retirement account created in 1997, may offer greater tax benefits to certain individuals.

Information provided by Insurance Information Institute

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