# Individual Retirement Account

**IRI:** https://folio.openlegalstandard.org/RB6ePdof62o3oIWPXS4Iezm

## Labels

**Preferred Label:** IRA

## Definition

An Individual Retirement Account (IRA) is a personal savings account that offers tax advantages for individuals to save money for retirement. It allows contributions to grow tax-deferred until withdrawal, either in traditional IRAs (pre-tax contributions) or Roth IRAs (after-tax contributions), with different tax implications depending on the type chosen

## Sub Class Of

- https://folio.openlegalstandard.org/RC6vjtn3GZLRw0qRl5YjMwV

**Deprecated:** False