IRA / Retirement Plan Accounts

Retirement plans are tax advantaged savings plans that have been created by the US government to encourage investors to save for their retirement. Some investments selected inside these accounts may include mutual funds, stocks, bonds, annuities and CD's.

Retirement Plan Account Types:

There are many retirement plans or IRAs for individuals such as Solo 401k and Keogh's (Money Purchase / Profit Sharing) Plans, SEP, Traditional and Roth IRAs.

Also can be referred to as "Individual 401k", "Single (k)", "Personal 401k" or "SBO Plan". The Solo 401k plan is designed specifically to benefit owner only businesses. This retirement plan allows maximization of contributions and valuable tax deductions compared to other types of small business plans.

Learn more about the Solo 401k.

Stands for "Simplified Employer Pension Plan", This retirement plan is ideally suited for small business owners and self employed individuals such as independent contractors. The SEP IRA plan allows a much larger contribution than a Traditional or Roth IRA.

Learn more about the SEP IRA.

Also referred to as "Money Purchase" and "Profit Sharing". The Keogh retirement plan is designed for owners of un-incorporated small businesses. In other words you must be a partnership, sole proprietorship or LLC.

Learn more about a Keogh Plan.

Personal savings plan that gives tax advantages for setting aside money for retirement. A Traditional IRA allows assets to grow tax deferred. You will not pay taxes on the dividends and investment earnings until after you withdraw the assets.

Learn more about the Traditional IRA.

Personal savings plan that gives tax advantages for setting aside money for retirement. A Roth IRA offers unique tax advantages compared to other retirement plans since contributions are not tax deductible but withdrawals after age 59 1/2 are tax free.

Learn more about the Roth IRA.

Individuals that currently have a retirement plan (such as a previous Rollover, SEP, Traditional or Roth), sometimes may choose to transfer their existing account/s. There are many reasons to consider a transfer.

Learn more about an IRA Transfer.

Defined benefit pension plans are retirement plans that can offer substantial tax deductible retirement contributions and significant future retirement income to self employed and small business owners.

Learn more about Defined Benefit Plans.

Retirement Plan Contributions

In general, annual contributions into these retirement accounts are tax deductible and interest earned grows without being taxed until the money is withdrawn by the individual at age 59 1/2 or older. However, with a Roth IRA, the contributions are not tax deductible but the interest grows tax free and can be withdrawn tax free after the individual is age 59 1/2 or older.

Which retirement account is right for me?

Each of these retirement accounts or IRAs have their own set of advantages and benefit an individual differently depending upon their specific situation.

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Disclosures:

*  The information on this page is for informational purposes only and does not constitute, and should not be construed as, professional, legal or tax advice. To determine your individual tax situation and specific needs, please consult a professional tax advisor.

* Information contained in these sections merely highlight some benefits. There are risks involved with all investments that could include tax penalties and risk/loss of principal.