Question

True or false? IRA is an abbreviation for a popular type of saving account?

Answer 1

The correct answer option is: True.

Explanation:

An IRA (Individual Retirement Account) is a popular type of saving account that facilitates you to save the money for retirement in a taxation advantaged manner in the United States of America.

An IRA is an account which can be set up at any of the financial institutions which allows an individual to save for the retirement with a taxation free growth.

Answer 2

The answer is True

Explanation:

IRA is an abbreviation for a popular type of saving account.

Abbreviation of IRA

IRA - Individual Retirement Account.

IRA is retirement account.It may be established by an employed person.

It have a limitation throughout the person working life.

There are two types of IRA.

1) A traditional IRA

It allows for tax deductible contributions and taxable distributions.

2) Roth IRA

It has non-deductible contributions and tax-free distributions.