individual retirement account

noun

Definition of individual retirement account

: ira

Examples of individual retirement account in a Sentence

Recent Examples on the Web Among middle-aged families, which are the most likely to have a retirement account, 65 percent of white families have a 401(k), individual retirement account or another similar plan, according to the Fed. NBC News, "Stocks may be soaring, but Black people remain skeptical," 13 Oct. 2020 Among middle-aged families, which are the most likely to have a retirement account, 65% of white families have a 401(k), individual retirement account or another similar plan, according to the Fed. CBS News, "Stocks are soaring, but most Black people are missing out," 12 Oct. 2020 Senate Bill 200 creates a program that automatically enrolls workers in an individual retirement account (IRA), giving them an investment option. Saja Hindi, The Denver Post, "12 bills Colorado lawmakers passed in 2020 that you should know about," 18 June 2020 But there is a second tier to their system that works kind of like an individual retirement account. Tom Margenau, Dallas News, "Planning ahead: A two-tier Social Security system," 3 May 2020 Contributions to tax-advantaged individual retirement accounts like traditional I.R.A.s and Simplified Employee Pension, or SEP, I.R.A.s may also be deductible. Tara Siegel Bernard, New York Times, "A Gig Worker’s Guide to Filing Taxes," 5 Mar. 2020 Coronavirus hardship withdrawals allow people to take out up to $100,000 from individual retirement accounts or 401(k)s without paying early withdrawal penalties or facing mandatory withholding. Liz Weston, oregonlive, "Liz Weston: Hardship withdrawals from IRAs not always the best option," 25 Apr. 2020 But for people with traditional individual retirement accounts, the silver lining is that today’s lower account balances can be used to reduce income-tax bills in retirement. Anne Tergesen, WSJ, "A Strategy for Taking Advantage of the Market Meltdown," 26 Mar. 2020 Also, policy makers should separate retirement accounts from employment, as with individual retirement accounts. Washington Post, "GE Pension Freeze Shows Workers Need Better Way to Save," 10 Oct. 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'individual retirement account.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of individual retirement account

1974, in the meaning defined above

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Time Traveler for individual retirement account

Time Traveler

The first known use of individual retirement account was in 1974

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Statistics for individual retirement account

Last Updated

18 Oct 2020

Cite this Entry

“Individual retirement account.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/individual%20retirement%20account. Accessed 26 Nov. 2020.

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More Definitions for individual retirement account

individual retirement account

noun, often capitalized I&R&A
individual re·​tire·​ment account

Legal Definition of individual retirement account

: ira

Comments on individual retirement account

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