Our Mortgage Rate Relief Program is back! For a limited time, eligible homebuyers may qualify for rates up to 1.5% lower than current market rates. Learn how >

Individual Retirement Account (IRA)

Definition

A retirement savings program for individuals to which yearly tax-deductible contributions up to a specified limit can be made. The amount contributed is not taxed until withdrawn. Withdrawal is not permitted without penalty until the individual reaches age 59 1/2.