Traditional IRAs IRA stands for “Individual Retirement Arrangement,” also known as “Traditional IRA.” In 2015 and 2016, the most you can contribute per person is $5,500 ($6,500 if you’re age 50 or older). If you also have a retirement plan at work, the amount you can...
Defined Benefit Plans are typically the most complex and expensive plans to administer out of all the types we have discussed in this section. They are designed to provide a certain predetermined benefit to employees when they retire, like a pension plan. Annual...
An annuity is a unique type of retirement account provided by an insurance company which gives certain guarantees and tax benefits. You can deposit money into an annuity over time or as a lump sum, and the insurance company agrees to make guaranteed periodic payments...
This is a common type of employer-provided retirement plan, especially among large corporations, but it can be set up for any size of company. It is named after subsection 401(k) of the Internal Revenue Code. In 2015 and 2016, the most an employee can contribute is...
SEP stands for “Simplified Employee Pension.” These are popular among high-income self-employed professionals such as doctors or dentists with no employees or only a few employees. As the owner of your company, you can contribute up to 25% of your income, up to a...
In order to encourage people to take responsibility for their own retirement savings, the U.S. government has created several types of retirement accounts which provide significant tax benefits if you abide by the strict rules they have imposed on these accounts....
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