individual retirement account
noun [ C ]
ukus( abbreviation IRA) FINANCE
in the US, a savings account in which people can put money for their pension in a way that saves them tax. Some types of individual retirement accounts are started by people on their own and some by employers for their employees:
set up/contribute to an individual retirement account You can set up an individual retirement account at almost any bank, insurance company, or mutual fund.
Contributions to individual retirement accounts are tax-deductible according to certain guidelines.