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Individual Retirement Account


What is an individual retirement account?

An Individual Retirement Account is a form of individual retirement plan provided by many financial institutions, that provides tax advantages for retirement savings in the United States. Most retirement plans can be rolled into an IRA after meeting certain criteria, and most retirement plans can accept funds from an IRA.

In 2010 poor stock market performance, poor savings rates and financial crises had caused retirement savings account values to fall so low that 3 out of 4 Americans nearing retirement had less than $30,000 in their retirement accounts, which Forbes called “the greatest retirement crisis in American history“.

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Read next: The different types of IRAs »