Selecting the Right Type of IRA for Your Retirement Needs

There are many types of individual retirement account (IRA) plans available for businesses and consumers. First time shoppers may find it confusing to sort through and select the right one can be a long and confusing process. However, most are listed under a few distinct categories.

Traditional IRA

This is the most common type of IRA. Self-directed, you choose the investments within this plan. Money accumulates on a tax-deferred basis. For example, you could set up a precious metals self directed IRA using this account.

Roth IRA

This is another type of self-directed individual retirement account. The difference from the traditional IRA account is that income and growth are tax-free (federal) when you meet certain conditions.

Simplified Employee Pension Plan

This IRA is designed for self-employed or a partner or owner of a corporation. You can contribute up to 25% of earned income for you and your employees.

Simple IRA

Designed for companies with 100 employees or fewer, this plan offers these employers a simpler way to make contributions.

Individual (k) Plan

This plan is designed for very small employers and allows participation from owners, spouses, and partners.

Health Savings Account

This is a self-directed plan that helps offset high deductible health insurance plans with a savings account that has tax benefits. All contributions are tax deductible.

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    Author: Ally Allshouse

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