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Individual Retirement Account (IRA) Financial Glossary

What is it? A method of planning for retirement that enables individuals to save up to $2,000 annually. These funds, called contributions, are in addition to any retirement plan already in place by the individuals employer. In addition, if an individuals employer has adopted a Savings Incentive Match Plan for Employees, the employee will be able to make a pre-tax elective contribution to an IRA of up to $6,000 annually. IRA funds are tax-deferred, that is, not subject to tax until withdrawals are made, when the individual may be in a lower tax bracket. (See Tax-Deferred Investment).

Finance Term Definition Added By: Faith

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