What is the Definition of Individual Retirement Account/Ira?
A tax-deductible savings plan for those who are self-employed, or those whose earnings are below a certain level or whose employers do not offer retirement plans. Others may make limited contributions on a tax-deferred basis. The Roth IRA, a special kind of retirement account created in 1997, may offer greater tax benefits to certain individuals.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Individual Retirement Account/Ira?
You can find random definition and meaning of insurance terms below:
Meaning of Indemnify in Insurance Terms
Provide financial compensation for losses.
Meaning of Independent Agent in Insurance Terms
Agent who is self-employed, is paid on commission, and represents several insurance companies. (See Captive agent)
Meaning of Indeterminate Premium Life Insurance Policy in Insurance Terms
A type of nonparticipating whole life policy that specifies two premium rates—both a maximum guaranteed rate and a lower rate. The insurer charges the lower premium rate when the policy is purchased and guarantees that rate for at least a stated period of time, after which the insurer uses its actual mortality, interest, and expense experience to establish a new premium rate that may be higher or lower than the previous premium rate. Also known as nonguaranteed premium life insurance policy and variable premium life insurance policy.
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