What is Individual Retirement Account | Meaning & Definition | Akrivia HCM

An individual retirement account (IRA) is a private savings scheme that lets you put money away for retirement while enjoying tax-deferred or tax-free growth and no mandatory withdrawals if structured correctly [1]. Both traditional and Roth IRAs are offered to individuals in the United States. The individual may make contributions to an individual retirement account or be made as a direct transfer from another qualified retirement plan.

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