What does retirement mean in (ira) account?
IRA is an Individual Retirement Arrangement. An account that is an IRA can be at a bank, credit union, a broker, a mutual fund family. Inside that IRA you can invest in stocks, bonds, Certificates of deposit  According to the IRS: Topic No. 451 Individual Retirement Arrangements (IRAs)  An individual retirement arrangement (IRA) is a tax-favored personal savings arrangement, which allows you to set aside money for retirement. There are several different types of IRAs, including traditional IRAs and Roth IRAs. You can set up an IRA with a bank, insurance company, or other financial institution. An IRA has a set of rules regarding when you can take distributions, how they are taxed, and annual limits. Some people also have access though their employers a 401(k) or other similar retirement account. To make things even more confusing many times the 401(k) is manged by one of the large investment companies. The IRA and 401(k) have different rules.