Personal Accounts Question:

Individual retirement accounts allow you to save independently for your retirement. These plans are useful if your employer does not offer retirement benefits or you want to save more than your employer-sponsored plan allows. These accounts come in two types: the traditional individual retirement accounts and Roth IRA. The Roth individual retirement accounts is popular because the funds can be withdrawn tax-free in many situations. Others prefer traditional individual retirement accounts because these contributions are tax-deductible. Both accounts have contribution limits and other requirements you may need to discuss with your tax advisor before choosing your account.