Formal and Informal Expressions of ira

In different contexts, you can replace 'ira' with suitable alternatives. In a more formal setting, 'individual retirement account' is apt. In informal speech or writing, 'retirement savings account' is a commonplace synonym.

ira: Explore its Definition & Usage

ira Definition

1a retirement savings account that provides tax advantages for individuals in the United States
2an individual retirement account

Using ira: Examples

Take a moment to familiarize yourself with how "ira" can be used in various situations through the following examples!

Example
Many people use an IRA to save for retirement.
Example
The contribution limit for IRAs is $6,000 per year.

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Summary: ira in Brief

An IRA [ˈiːrə] is a retirement savings account that provides tax advantages for individuals in the United States. It is commonly used to save for retirement and has a contribution limit of $6,000 per year.