In this mini blog series, we will discuss 4 options - the IRA, SEP IRA, SIMPLE IRA, and self-employed 401(k).
IRA
You've probably heard of IRAs, short for individual retirement accounts. Anyone with earned income (including those who do not work themselves but have a working spouse) can open an IRA. There are a few different options, Roth and traditional. Each offers a tax benefit.
Fidelity.com has a good article discussing how to choose between Roth and Traditional IRA, you can view it here.
In next blogpost, we will discuss SEP IRA.