Traditional IRA and Roth IRA are the most common retirement accounts, available to practically everyone who receives compensation from employment. With a Roth IRA, you contribute post-tax funds, allowing your contributions and earnings to grow tax-free. With a Traditional IRA, you contribute either pre-tax, or post-tax funds, your money grows and tax is deferred. Withdrawals are taxed as current income after age 59½ with a Traditional IRA, rather than "tax-free", as they are with a Roth IRA.
The deadline for accepting 2022 Traditional and Roth IRA contributions: April 18, 2023.
SEP IRA and SIMPLE IRA offer attractive retirement solutions for people who are self-employed. An employee and, a small business owner or sole proprietor can both make contributions to a SIMPLE IRA. SEP-IRA plans allows only business owners to make contributions for each themselves and their employees.
More about IRAs offered by PSFCU:
Traditional IRA is an Individual Retirement Account to which contributions are generally made with pre-tax dollars
A Roth IRA is an Individual Retirement Account to which contributions are made with after-tax dollars.
SEP plans may be established by many kinds of small business entities.
A SIMPLE IRA is an individual retirement savings account that allows for contributions made in connection with participation in an employer provided plan.