Individual Retirement Account (IRA)
What is it? An individual tax-deferred savings and investment account meant to accumulate funds for retirement. The federal limit for IRA contributions is $3,000 per year, as of 2002. For workers aged 50 and older, the contribution limit is $3,500. The IRA contribution limits are set to gradually increase over seven years as a result of the Tax Relief Act of 2001.Added By: Lauren
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