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Traditional IRA
- You may be able to take a tax deduction every year you make a contribution
- Annual interest from your IRA account or CDs is tax-exempt
- You can begin making penalty-free withdrawals at age 59 ½
- You must begin taking mandatory minimum withdrawals upon reaching age 73
Roth IRA
- There are no annual tax deductions, but annual interest income is tax-exempt
- You may withdraw your own contributions at any age, penalty-free
- You may withdraw both your contributions and interest earnings at age 59 ½, tax-free and penalty-free
- There are no required minimum withdrawals at any age
SEP Plans
- A Simplified Employment Plan is a retirement savings plan tailored for self-employed individuals and small business owners.
- It allows employers to make tax-deductible contributions directly to Traditional IRAs for themselves and eligible employees.
- These plans offer high contribution limits—up to 25% of an employee's annual compensation, for a maximum of $75,000 in 2026.
- To qualify, employees must be at least 21 years old, have worked for the business in 3 of the past 5 years, and earned a minimum amount
- Contributions are tax-deductible for the employer and grow tax-deferred for employees until retirement
It's OK to double up
You may already have an employer-sponsored retirement plan such as a 401(k). It may be a smart idea to add an IRA to your financial plan to increase your savings potential.
Financial clarity starts here
Tip
Keeping extra funds in savings can help reduce the temptation to spend.
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