Business and Personal Finance Dictionary

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• INDIVIDUAL RETIREMENT ACCOUNT
  
  A special retirement planning account for individuals. All or part of the contribution in a tax-deferred savings account may be deductible from current taxes, depending on the individual's income and coverage by an employer-sponsored qualified retirement plan (like a 401(k) plan). Penalties usually apply for withdrawals before age 59-1/4. Withdrawals are taxed as income. See also Roth IRA.
  
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