
Summary of Special Types of Individual Retirement Accounts
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Summary of Special Types of Individual Retirement Accounts
Because of the popularity of the individual retirement account, Congress expanded that section of the tax code to allow for other variations on the individual savings theme. One can now save for one’s retirement expenses in more than one way. While each plan is covered under the same section of the tax code, there are some major distinctions among the different plans.
What you have learned
- SIMPLE Retirement Accounts (SIMPLE IRAs)
- Eligibility Requirements for SIMPLE IRAs
- Simplified Employee Pension Plans (SEP IRAs)