We currently offer the following accounts in the U.S.:
- Traditional IRA: This is an important one. A traditional individual retirement account (IRA) allows you to invest pretax income. Transactions in the account are not subject to tax while still in the account, but are subject to income tax upon withdrawal.
- Roth IRA: Unlike a traditional IRA, Roth IRAs are funded with after-tax dollars so you get a tax break later instead of now. Earnings on the account and withdrawals after age 59½ are tax-free.
- SEP IRA: Like a traditional IRA, SEP IRAs allow you to invest your pretax income. If you are a freelancer or small business owner, you can setup this account to save like a 401(k) for yourself and your employees.
- Personal account: Personal accounts offer added flexibility compared to a Traditional or Roth IRA in that you can withdraw your money at any time for any reason. Earning are taxed so you would most likely have this type of account once you've maximized the contribution room in your IRA(s) or if you plan on pulling out funds before retirement.
- Joint account: A joint account is similar to a personal account, except that it has 2 owners. Joint accounts often make things simpler. No more dividing bills or writing checks to your spouse or partner.
- Trust: A trust allows you to invest funds for a beneficiary or a cause. You can also apply conditions which the beneficiary or cause have to fulfill before accessing the funds.
You can learn more about these investment accounts on our Investing 101 page.
A note on employer-sponsored accounts:
If you have an old 401(k) or similar employer sponsored account for whom you no longer employed with, you can also transfer that into a Traditional IRA, Roth IRA, or SEP IRA. You can read more about how to rollover your 401(k) here.