From Longman Dictionary of Contemporary EnglishIndividual Retirement AccountˌIndividual Reˈtirement Acˌcount noun → see IRAFrom Longman Business Dictionaryindividual retirement accountˌindividual reˈtirement acˌcount abbreviation IRA [countable] HUMAN RESOURCES in the US, a savings account for a worker whose employer does not offer a RETIREMENT PLAN. The worker usually puts a specific amount of money into the account at regular times in order to save money for when they stop workSome firms allow you to borrow from your Individual Retirement Account without penalty provided you return the money within 60 days. → account
