Switch to text-only version for screen readers & visually impaired
Wachovia logo: go to home page


PERSONAL FINANCE GLOSSARY


Alphabetical Listing
Search  
X
I
Current TermIndividual Retirement Account (IRA)
Individual Retirement Account (IRA)
A retirement account to which you can contribute up to a maximum contribution amount for a tax year. IRAs give your money the potential to grow tax deferred and, depending on your personal circumstances, contributions may be tax deductible. Withdrawals from IRAs are taxed at then-current income tax rates. (Withdrawals prior to age 59½ may be assessed a 10% IRS penalty).