A Traditional IRA is the oldest and most common type of retirement plan. It may be opened by any individual who has earned income and wants to set aside a portion for retirement on a tax-deferred basis.
Passed into law in 1997, the Roth IRA is a great way to save for retirement because earnings on your investments are free from federal income tax as long as certain conditions are met.
A SEP IRA is a simplified employee pension plan. These plans provide employers with a way to make contributions to their employees’ retirement. Employers may also make contributions to their own retirement as well!
The Solo 401(k) plan is an IRS-approved and qualified 401(k) plan designed for a self-employed sole proprietor, a corporation, or limited liability company. The self-employed 401(k) participant can make contributions as both the employee and the employer!
SIMPLE IRA plans can provide a significant source of income at retirement by allowing employers and employees to set aside money in retirement accounts. SIMPLE IRA plans do not have the start-up and operating costs of a conventional retirement plan.
Health Savings Account
A health savings account (HSA) is a tax-exempt trust or custodial account that you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual to qualify for an HSA.
A Coverdell Education Savings Account (ESA) is an account created as an incentive to help parents and students save for education expenses.