IRA (individual Retirement Account)

 

Home
Site Map
Add Term
Search
About Us
Contributors

IRA (individual Retirement Account)

Savings programs available to individuals. The plans allow for a certain amount to be deposited each year. This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket. During the life of the account, the money may be put into various interest bearing investments. Securities dealers as well as banking institutions now offer IRA'S.



IRA (individual Retirement Account)

Similar Matches

Employee Retirement Income Security Act (ERISA)

Employee Retirement Income Security Act (ERISA)

The law that regulates the operation of private pensions and benefit plans.


Phased retirement

Phased retirement

The arrangement of a personal pension plan in segments to enable the policy holder to take a pension in stages. The lump sum entitlement is also phased. The policy holder may elect to phase the purchase of an annuity or to phase income drawdown (see personal pension plan).


Normal retirement age

Normal retirement age

The age at which an individual normally retires (60 to 70 for men and 55 to 70 for women). Men qualify for the state pension at 65 and women currently qualify at 60. However the qualifying normal retirement age for women will be increasing depending on their date of birth, the scale applying for those born after 6th April 1950. For personal pension plans individuals may take retirement between the ages of 50 and 75 and for retirement annuities between the ages of 60 and 75.


Early retirement

Early retirement

For company pension schemes, an employee may retire at an early age provided it is authorised by the company. In the UK, qualifying ages are 50 for men and 45 for women. However, the amount of pension payable will reduce compared with the amount payable at normal retirement age.


Debt retirement

Debt retirement

The complete repayment of debt. See: Sinking fund.


Further Suggestions

Registered Retirement Savings Plan (RRSP)
Tax deferred retirement plans
Normal retirement
Bonds Enabling Annual Retirement Savings (BEARS)
Retirement
retirement relief
Retirement Protection Act of 1994
unfunded unapproved retirement benefits scheme
Individual Retirement Account (IRA)
individual retirement account
normal retirement date
Employee Retirement Income Security Act
retirement annuity contract (RAC)


 
All rights Reserved. Do not copy without permission.