Individual retirement account
Form of individual retirement plan / From Wikipedia, the free encyclopedia
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An individual retirement account[1] (IRA) in the United States is a form of pension[2] provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age. An individual retirement account is a type of individual retirement arrangement[3] as described in IRS Publication 590, Individual Retirement Arrangements (IRAs).[4] Other arrangements include employer-established benefit trusts and individual retirement annuities,[5] by which a taxpayer purchases an annuity contract or an endowment contract from a life insurance company.[6]