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 Harris has remained mum about the fact that DOI has not acted on the IRA requirement, keeping its leasing program in de facto suspension since. —David Blackmon, Forbes, 21 Oct. 2024

In addition to the $2,000 drug spending limit, the IRA caps Medicare copayments for most insulin products at no more than $35 a month and allows Medicare to negotiate prices of some of the most expensive drugs directly with pharmaceutical companies. —Susan Jaffe, CBS News, 21 Oct. 2024

Thanks to a provision in a 2022 law known as Secure 2.0, employers can now match employees’ student loan payments in the form of a contribution to their 401(k), 403(b), Simple IRA or alternate workplace retirement plan. —Judy Lagrou, CNBC, 21 Oct. 2024

That's because huge financial carrots — namely the IRA — are the biggest part of the current White House climate agenda. —Ben Geman, Axios, 17 Oct. 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