A tax-qualified savings account for individuals that allows the account holder to set aside money for retirement. A traditional IRA differs from a Roth IRA in that the contributions to a traditional IRA are tax-deductible at the time they are deposited and both the principal and the income earned in the account are taxed as regular income when they are withdrawn as distributions. See Individual Retirement Arrangement (IRA).
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Individual Retirement Arrangement (IRA)
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unit of account
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