individual retirement account
noun[C]
ukus(abbreviationIRA)FINANCE
in the US, asavingsaccountin whichpeoplecan putmoneyfortheirpensionin a way thatsavesthemtax. Sometypesofindividualretirementaccountsarestartedbypeopleontheirown and some byemployersfortheiremployees:
set up/contribute to an individual retirement accountYou can set up anindividualretirementaccountatalmostanybank,insurancecompany, ormutualfund.
Contributions toindividualretirementaccountsaretax-deductibleaccordingtocertainguidelines.