Individual Retirement Accounts (IRAs) come in several flavors, Traditional IRA, Roth IRA, Simple IRA, SEP IRA. The latter two (Simple & SEP) are employer sponsored plans, so the focus of this discussion will be on the Traditional and Roth IRAs. Here’s a general overview of each IRA: Traditional IRA Up to $6,000 annual contribution with additional $1,000 for those 50 or older Tax deductible, but withdrawals are subject ordinary income tax Age 59 ½ withdrawals without penalty Y