Retirement Accounts

 

Traditional IRA

Your contributions may be tax-deductible and potential earnings grow tax-deferred until you withdraw them in retirement. This may be a good choice if you want to take advantage of tax savings now.

 

Roth IRA

While contributions aren’t tax-deductible, withdrawals—including any earnings—can be made tax-free as long as certain conditions are met. This may be a good choice if you are eligible to make Roth IRA contributions and think your tax rate will be higher in retirement.

 

Inherited IRA

If you are inheriting a Traditional IRA, SIMPLE IRA, SEP IRA, or workplace retirement plan, you can generally move those assets into an Inherited IRA. While subject to minimum required distributions, this may be a good choice if you want to continue the tax-deferred growth potential of inherited retirement assets and avoid the impact of immediate income taxes. Online account opening is not available to entities (such as a charity or other organization), an estate, or a trust beneficiaries.

 

Rollover IRA

By consolidating your old 401(k) or IRAs into a Rollover IRA, you can maintain the important tax advantages of your retirement savings and access a broad array of investments, exceptional service, and free investment guidance.

 

Individual 401(k)

A 401(k) plan is a salary reduction plan that is offered by employers. It offers tax deferred benefits for your retirement investments.

 

Business 401(k)

Designed for self-employed individuals or business owners without employees.

 

SEP IRA

Set up a workplace savings plan if you are self-employed or own a small business.

 

Defined Benefit Plan

Tends to be well-matched for owners of small, profitable businesses, who are closer to retirement age and would like to catch up on their savings.

 

SIMPLE IRA

This plan offers tax deferral plus pre-tax contributions for self-employed individuals and participants in small businesses with fewer than 100 employees.

 

Keogh Plan

A Keogh Plan is a tax deferred pension plan available to self-employed individuals or unincorporated businesses for retirement purposes.

 

Money Purchase Plan

It allows a company to make annual contributions that are not tied to profits. Employer contributions are mandatory, the lesser of 25% of total compensation or $53,000.

 

Profit Sharing Plan

A Profit Sharing Plan is a plan that enables you to distribute profits in profitable years according to a formula set by the employer ahead of time.

Education Accounts

 

College 529 Savings Plan

Any earnings grow federal income tax-free for qualified higher education expenses, and contributions may be eligible for state tax deductions.

 

Coverdell Education Savings Account (ESA)

Like a 529 plan, Coverdell ESAs allow money to grow tax deferred and proceeds to be withdrawn tax-free for qualified education expenses at a qualified institution.

 

Custodial Accounts (UGMA/UTMA)

This brokerage account offers comprehensive trading, allowing you to invest on behalf of a minor.