An individual retirement account[1] (IRA) in the United States is a form of pension[2] provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age. An individual retirement account is a type of individual retirement arrangement[3] as described in IRS Publication 590, Individual Retirement Arrangements (IRAs).[4] Other arrangements include individual retirement annuities and employer-established benefit trusts.[5]