Individual Retirement Annuity

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Definition: Individual Retirement Annuity

Individual retirement annuity is an individual retirement account which has some additional conditions like it is issued in the owner’s name and the owner can receive the benefits. 

The IRA – individual retirement annuity come in three varieties:

• Traditional nondeductible

• Traditional deductible

• Roth

Here, the payment goes either into a fixed or a variable annuity offered by the insurance company. Also the distribution of this annuity must be completed before April of the year in which the primary holder reaches the age of 70.5.

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