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

But the world changed dramatically in the nearly two years between Biden’s election and the passage of the IRA. —Justin Worland, TIME, 20 Dec. 2024

The power of compounding represents the power of the Child IRA. —Chris Carosa, Forbes, 20 Dec. 2024

The money for all this has to come from somewhere, however, and experts say provisions of the IRA are the most likely candidates for potential cost-savings. —Ece Yildirim, CNBC, 19 Dec. 2024

Department of Energy officials charged with approving IRA loans finalized more than $17 billion for EV automakers in just the past two weeks. —Benedict Cosgrove, Newsweek, 19 Dec. 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