Posted by Zoe Geoffrion , on May, 2018
When planning for your future, it is imperative to have all the information before deciding which IRA retirement plans are best suited for you. You will find most companies offer several types of IRAs, along with other forms of retirement planning investment options to choose. Whether you choose a traditional IRA, a Roth IRA, Sep IRA or a simple IRA, knowing you’ve made a move to secure your retirement will make your life easier today by taking away a few of the stresses and burdens of wondering what the future may hold.
Traditional IRA
A traditional IRA is one of the most used IRA retirement plans available. Most people choose this plan due to the simplicity of use. Building your account by adding your own funds and choosing the investments you want are some of the perks of this individual account. If you have employment-based plans, such as a 401K, you can easily add it or any other type of savings to your IRA.
Roth IRA
With a Roth IRA, you will find yourself free of future income tax issues if you meet the requirements. Paying taxes on your investment now when you place your money into these IRA retirement plans means your money will not be taxed again in the future. It also allows you to invest in what you wish, as well as place money in your account after the age of 70 if you are still working. These accounts are great for those who want to withdraw their money later in life without the worries of fees and taxes.
Sep IRA
Sep, IRAs or Simplified Employee Pension IRAs, are just that, an IRA for the self employed and business owners. This type of IRA retirement plan allows you to dictate how much of your wages goes toward your retirement, as well as how much goes toward the future of your employees.
Simple IRA
A simple IRA is a great way for business owners to assist their employees in securing their future. With a simple IRA, also known as Savings Incentive Match Plan for Employees, you either match what the employee has invested into their plan or give an annual amount each year. These forms of IRA retirement plans are reserved for small businesses with at least 100 employees on the payroll.
To learn more about IRA retirement plans, visit Mountain West IRA on their website or call 866-377-3311.
