IRA Accounts For 2019
It’s never too late to start investing in your financial future. Saving for tomorrow, today, is one of the best traits you can currently attain for whatever life might unexpectedly throw at you.
With tax season in full swing, IRA companies will be seeking your business as it’s probably the best time of year to make those IRA contributions towards your future. When it comes to getting an IRA account you’ll want one that offers exceptional investing options paired with low fees over time.
What is an IRA?
An IRA is an abbreviation for an Individual Retirement Account. This is a type of savings account where the money you put in and the interest you earn is not taxable until you retire.
The Four Most Common Types of IRAs
There are 11 types of IRAs, but only 4 are truly worth considering and only 2 will most likely apply to your situation.
- Traditional IRA – Best for (younger) workers who feel they’ll be in a lower tax bracket upon retirement. This is also best for those who aren’t offered a retirement plan, like a 401K.
- Roth IRA – Best for people who feel they will be in a higher tax bracket when they retire. These IRAs can also serve as an emergency fund. This is because Roth IRAs allow you to withdraw your contributions penalty-free.
- SEP IRA – Also known as the Simplified Employee Pension Individual Account. This IRA allows an employer to contribute to your Traditional IRA.
- SIMPLE IRA -This stands for Savings Incentive Match Plan for Employees. It’s set up similarly to a 401k plan. This means the employer matches the contributions made by the employee.
Are IRAs Available in My Area?
The short answer is, yes! From San Diego, California to Chicago, Illinois, it’s likely you’ll be able to find an IRA company near you to assist you with information and setting up an account. Three of the IRA companies we highlight have physical office locations across the U.S.!
Alternatively, you can apply online and/or speak with an IRA representative over the phone. They’ll help you set up your account quickly and easily. The process is quick, simple and will help you financially stabilize your future for retirement.
Which IRA is Best For Me?
Deciding which IRA is best for you will ultimately be your decision at the end of the day. The best IRA account for each individual varies based on many factors and personal tastes.
Car Loans of America has highlighted several key companies and put together in-depth look into which IRA accounts are the best in 2019.
We highlight good and bad points for our favorite IRA accounts including E*TRADE, TD Ameritrade, Scottrade, Ally Invest, Betterment, and Wealthfront Betterment. All of these companies offer a vast range of resources to establish an IRA account. All have low trading fees with access to a variety of investment products. They also provide access to quality support, research and education.
There will be pros and cons to every company we look at and we’re hoping we highlight the company that will suit you best.