Finance & Banking

IRA

ˌaɪ ɑːr ˈeɪ

noun

What does IRA mean?

Individual Retirement Account.

Example sentence

"I max out my Roth IRA every year."

American usage tip

Roth = pay tax now, withdraw tax-free later.

Related Finance & Banking words

Emergency fund
Savings covering 3-6 months of expenses.
Zelle
A free instant bank-to-bank payment app.
Credit limit
The maximum you can borrow on a card.
Direct deposit
Salary paid electronically into your account.
401(k)
An employer retirement account with tax benefits.
Budget
A plan for income and spending.
Tax return
The annual filing of your income taxes.
Withholding
Tax taken from each paycheck automatically.

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