IRA

1 of 2

noun

ˌī-(ˌ)är-ˈā  ˈī-rə 

plural IRAs

: a retirement savings account in which income taxes on certain deposits and on all gains are deferred until withdrawals are made

IRA

2 of 2

abbreviation

Irish Republican Army

Examples of IRA in a Sentence

Abbreviation

a representative of the IRA

Recent Examples on the Web

Noun

People in that age group can make an additional $1,000 contribution to their traditional or Roth IRA. —Cheyenne Devon, CNBC, 26 Sep. 2024

Farm bill The issue: Reauthorizing farm programs and disputes about IRA climate funds. —Nick Sobczyk, Axios, 26 Sep. 2024

In this case, even though your Roth 401(k) meets the five-year rule, your Roth IRA doesn’t. —Amy Wagner and Steve Hruby, The Enquirer, 25 Sep. 2024

In the recent presidential debate, Vice President Kamala Harris advocated for expanding these IRA measures—a move that aligns with her official policy platform, which plans to decrease patient costs by extending the $2,000 cap on out-of-pocket spending to all Americans. —Rita Numerof, Forbes, 25 Sep. 2024

Word History

Etymology

Noun

initialism from individual retirement account or individual retirement arrangement

First Known Use

Noun

1974, in the meaning defined above

Legal Definition

IRA

noun

ˌī-ˌär-ˈā, ˈī-rə 

: an account in which a person may deposit up to a stipulated amount each year and that is not taxable until retirement or early withdrawal

Note: Deposits to an IRA may not be completely or partially deductible from adjusted gross income if one's income exceeds a set level.

Etymology

Noun

individual retirement account