What are the best Individual Retirement Accounts?

Nicole Sara Sivens
November 21, 2018
3 min read
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Whenever we talk about retirement accounts, we talk about the two big guys: 401k and IRAs.

401ks are something that are created for you by an employer, and an IRA is something that you choose on your own and fund independently.

An IRA is a powerful savings tool that allows you to contribute part of your income each year and allows your money to grow tax-free.

There are a few different kinds of IRAs, but which is best for you?

Traditional IRAs are available to just about everyone - so long as you’re under the age of 70 ½.

You can stash $5,500 per year away until you’re 50, then you can bump that up to $6,500.

Traditional IRA contributions are tax deductible for most people.

Roth IRAs have no age limitations, but you do have to make under $135,000 per year to take advantage of its benefits.

Roths have the same contribution limits as Traditional IRAs.

Roth IRA contributions are able to be deducted from your taxes.

SEP IRAs follow the same rules as a Traditional, but they’re made especially for Self-Employed people and small business owners.

The ideal SEP candidate is a high-earning freelancer or consultant who wants to sock a lot of money away.

A SEP allows you to put $55,500 per year away.

Whether it’s your only retirement plan, or in addition to your work-sponsored 401k, an IRA is a valuable tool in your investment arsenal.

Open an IRA with Swell and use the promo code and get a $50 bonus in your account.

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