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May 12, 2009

Retirement Account (or Retirement Savings Account)



An account that is established for the purpose of saving for retirement.

Retirement accounts can include features such as:
  • Tax-deferred growth on earnings
  • Tax-free growth on earnings
  • And earnings that are taxed for the year in which the earnings are accrued- commonly referred to as after-tax accounts.
Referring Cites
IRC § 408(a), IRC § 408A, IRC § 401(a), IRC § 403(a), IRC § 403(b), IRC § 457(b)
Additional Helpful Information
Tax-deferred retirement savings include:
Tax-free retirement savings accounts include:
After-tax accounts include regular savings accounts

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Definition Also known as the Saver’s Tax Credit: Nonrefundable tax credit available to eligible individuals who make contributions to their retirement account. The saver’s credit

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

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IRA Rules