Individual Retirement Account (IRA)

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An Individual Retirement Account (IRA) is individual account set up with a financial institution, such as a bank or a mutual fund company. Under Federal law, individuals may set aside personal savings up to a certain amount, and the investments grow, tax deferred. In addition, defined contribution plan participants can transfer money from an employer retirement plan to an IRA when leaving an employer.

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Individual Retirement Account (IRA) - definition

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