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IRA (individual Retirement Account) |
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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 This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket.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 MatchesRegistered Retirement Savings Plan (RRSP)Registered Retirement Savings Plan (RRSP)Tax-sheltered retirement plan for Canadian citizens, much like an American IRA. Individual Retirement Account (IRA)Individual Retirement Account (IRA)A retirement account that may be established by an employed person. IRA contributions are tax deductible according to certain guidelines, and the gains in the account are tax-deferred. Individual retirement accountIndividual retirement accountIn the US, a tax-deferred retirement savings account which may be set up by people in employment. IRA contributions are tax deductible irrespective of income if neither spouse is a member of a qualified plan or trust. A person who is a member of a qualified plan may still deduct IRA contributions providing adjusted gross income is below a certain level. Although savings grow tax free over the term of the plan, when pension benefits are taken, they will be liable to tax. Employee Retirement Income Security ActEmployee Retirement Income Security ActIn the US, a federal law introduced for the protection of participants in private pension plans. Phased retirementPhased retirementThe 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). Further Suggestionsnormal retirement dateretirement relief early retirement retirement annuity contract (RAC) Bonds Enabling Annual Retirement Savings (BEARS) unfunded unapproved retirement benefits scheme Tax deferred retirement plans normal retirement age Retirement Retirement Protection Act of 1994 Normal retirement Debt retirement Employee Retirement Income Security Act (ERISA) |
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