Qualified retirement plans and IRAs offer a tax-advantaged way to save for your retirement and provide substantial wealth for subsequent generations. Today, if you work, you probably have some type of retirement plan-company sponsored or your own IRA, or both. You can even provide an IRA for a nonworking spouse. And new tax laws allow those age 50 and older to save additional amounts.
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Individual retirement accounts (IRAs) are personal retirement plans that you may hold in addition to employer-sponsored plans. There are several types of IRAs:
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If you have earned income, you may be able to fund your IRA on a tax deductible basis. It depends on whether you participate in a qualified retirement plan and, if so, what your income is:
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If you participate in a company-sponsored qualified retirement plan, profit sharing, money purchase or pension plan, you have an excellent opportunity to build up retirement savings without any outlay. But make sure you understand your rights in the plan so you don't miss out on anything.
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Small businesses and self-employed individuals may want to provide retirement savings but don't want the complications and costs associated with qualified plans. The tax law allows them to set up Simplified Employee Pensions (SEPs). SEPs are a type of IRA. The employer (or self-employed person) contributes to a participant's separate IRA. Thus, funds for each participant are segregated from contributions made on behalf of other participants.
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You're treated as both the employer and employee under SIMPLE plan rules, even though you're self-employed. This means you can make both employer contributions and employee salary reduction contributions based on net earnings from self-employment.
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