Overview
Although growing old isn’t on most people’s wish lists, they do dream of retirement and the freedom to do what they want every day. To reach that goal, you need to save and invest for retirement. There are a wide variety of retirement accounts that can help make that dream a reality.
There are retirement accounts for:
- Individuals
- Employees
- Businesses, even if it’s a one-person company
Generally, you may contribute to more than one type of retirement account if you meet the requirements.
A qualified retirement account receives favorable tax treatment. These tax breaks enable you to save for retirement without having taxes impede your progress.
When you’re saving on your own for retirement, individual retirement accounts (IRAs) are one of the most popular options. To make an IRA contribution, you must have earned income such as:
- Wages
- Salaries
- Tips
- Commissions
- Self-employment income
Types of Accounts >> |
