There are a number of different types of IRA's, which may be either employer-provided or self-provided plans. The types include:
Traditional IRA: contributions are often tax-deductable and withdrawals at retirement are taxed as income.
Roth IRA: contributions are made with after-tax assets and withdrawals are usually tax-free.
IRA Rollover: a rollover of assets from a tax-deferred plan, such as a 401(k) into a traditional IRA.
Inherited IRA: an IRA account that is left to a beneficiary after the owner's death.
Coverdell ESA: a savings plan for higher education, for parents/guardians to make nondeductible contributions to an account for a child under the age of 18.
To find out more information about these retirement plans or to answer any questions, please contact our office at 724-940-3927.
