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Individual Retirement Account (IRA)

Last Updated: November 15, 2006 Related resource areas: Personal Finance


A retirement savings plan that allows individuals to save for retirement on a tax-deferred basis. Individuals may contribute up to $2,000 per year in an individual account. For spousal accounts, the limit is $4,000. The amount that is tax deductible varies according to an individual’s access to pension coverage, income tax filing status, and adjusted gross income.


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Financial Security: Estate Planning, Financial Security: Financial Planning Process, Financial Security: Retirement Planning, Financial Security: Saving and Investing, glossary

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