An Individual Retirement Account (IRA) is a type of investment account that is designed specifically for retirement savings. There are several different types of IRAs, including traditional IRAs, Roth IRAs, SIMPLE IRAs, and SEP IRAs. Each type of IRA has its own unique set of rules and eligibility requirements.
There are also several alternative investment options that can be used for retirement savings in addition to or instead of an IRA. Some alternatives to IRAs include 401(k) plans, pension plans, and taxable investment accounts. It's important to consider the pros and cons of each option and choose the one that is best suited to your individual needs and circumstances.
If you are a higher net worth individual look into the option of Executive plans.
An executive plan is a type of retirement plan that is specifically designed for executives or high-level employees of a company. These plans are usually more generous than standard retirement plans and may include additional benefits, such as higher contribution limits, matching contributions from the employer, and vesting schedules that allow employees to access their retirement savings more quickly.
Executive plans can come in several different forms, including defined benefit plans, defined contribution plans, and non-qualified deferred compensation plans. Each type of executive plan has its own unique set of rules and eligibility requirements, so it's important to understand the specifics of the plan you are enrolled in or considering enrolling in.