IRA

An IRA is a retirement plan account that provides some tax advantages for retirement savings. Although funds can be distributed from an IRA at any time, there are limited circumstances when money can be distributed, or withdrawn from the account, without penalties. Unless an exception applies, money can typically be withdrawn penalty free as taxable income from an IRA once the account owner reaches age 59 and a half.

Insurance

Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company.