individual retirement account Synonyms

No Synonyms and anytonyms found

individual retirement account Meaning

Wordnet

a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred

Contributions to an individual retirement account (IRA) can reduce your current tax liability.
Traditional IRAs offer tax-deferred growth, meaning you pay no taxes on earnings until you withdraw them.
Roth IRAs are funded with after-tax dollars, but withdrawals in retirement are tax-free.
The amount you can contribute to an IRA each year depends on your income and filing status.
There are age limits on making contributions to an IRA.
Withdrawals from IRAs before age 59½ may be subject to penalties and taxes.
You can open an IRA through a bank, brokerage firm, or other financial institution.
Many employers offer IRA plans as part of their employee benefits package.
IRAs are a valuable tool for saving for retirement, but they should be used in conjunction with other retirement savings vehicles.
There are different types of IRAs, so it's important to choose the one that best fits your financial situation and retirement goals.

a retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred

No synonyms found.

No antonyms found.

Contributions to an individual retirement account (IRA) can reduce your current tax liability.

Traditional IRAs offer tax-deferred growth, meaning you pay no taxes on earnings until you withdraw them.

Roth IRAs are funded with after-tax dollars, but withdrawals in retirement are tax-free.

The amount you can contribute to an IRA each year depends on your income and filing status.