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Types of ira

Health Savings Account
Health Savings Account

An HSA account is like an IRA on steroids. With a traditional IRA or 401(k), if you are eligible, you get a tax deduction for the amount you contribute to the plan. The money grows tax-deferred, and then you pay taxes when you withdraw it in retirement.

IRA
IRA

An individual retirement account (IRA) allows you to save money for retirement in a tax-advantaged way. An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis.

source: fidelity.com
Roth IRA
Roth IRA

And because every penny you stash in a Roth IRA is your money—not a tax-subsidized gift from Uncle Sam—you can tap your contributions (but not your earnings on those contributions) at any time, tax-free and penalty-free. Like beauty, the benefit of a Roth IRA is in the eye of the beholder.

source: rothira.com
image: fcfcu.com
SEP IRA
SEP IRA

A SEP-IRA account is a traditional IRA and follows the same investment, distribution, and rollover rules as traditional IRAs. See the IRA FAQs. See also Publication 560, Publication 590-A and Publication 590-B for detailed information on SEP plans and SEP-IRAs.

source: irs.gov
Simple IRA
Simple IRA

A SIMPLE IRA plan (Savings Incentive Match PLan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.

source: irs.gov
Solo 401(k)
Solo 401(k)

Solo 401(k) A Solo 401(k), (also known as a Self Employed 401(k) or Individual 401(k)), is a 401(k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s).

Type 2: Nondeductible IRA
Type 2: Nondeductible IRA

Traditional IRA vs. nondeductible IRA. In many ways -- five, actually -- a nondeductible IRA is identical to a traditional IRA: The contribution limits for both are the same: The maximum allowable contribution for 2016 is $5,500, and if you're over the age of 50, the contribution ceiling is $6,500.

source: fool.com
Type 3: Roth IRA
Type 3: Roth IRA

An individual retirement account (IRA) allows you to save money for retirement in a tax-advantaged way. An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. The three main types of IRAs each have different advantages:

source: fidelity.com

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