Name 2-3 types of retirement accounts and explain what they are.

The 401 (k) is a type of requirement plan that allows employees to contribute a percentage of their wages to individual accounts. Some of it's features are:

The contributions to this account is tax free
provides the contributor with early access to their money
It allows the contributors to contribute up to $18,500 for those under the age of 50 and $24,500 for those above the age of 50.
With the 401K, there is a matching contribution from the employer by at least 90% of employers.
Taxes on investments are defferred until retirements.

The term 401(k) is derived from the section of the US Internal Revenue Code that established the 401(k) retirement plan.

What is the SEP IRA?

SEP is the accronym for Simplified Employee Pension. SEP IRA is a retirement savings plan a sort of domesticated plan that employers created to the advantage of themselves and their employees.

The advantages of the SEP IRA are:

Low adminsitrative costs
ease of establishment
flexibility for the employer with respect to their annual contributions
Imidiate vestment of employer contributions. etc.

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