A Gold IRA or Precious Metals IRA is a self-directed account that allows you to fund your retirement plan with gold or other approved precious metals. 

When you invest in Gold IRAs, you’ll have to prepare for a more complicated transaction. 

Here’s the gist: You must work with a custodian along with a qualified depository. Then purchase IRS-approved precious metals and have them shipped to the storage facility while making sure your custodian takes account of it.

 And of course, these imply fees you’ll need to pay later!

With a Traditional IRA, you can direct pre-tax contributions to investments and grow your money tax-deferred. This means, you don't pay taxes on your investment gains until you withdraw the money upon retirement.

A Traditional IRA may be a good option if you expect to be in the same or  lower tax bracket when you retire. There is no income limit, but there are some restrictions on contribution. As of 2021 and 2022, the contribution limit is at $6000 or $7000 if you’re 50 or older.

Funds removed prior to retirement (starting after age 59 ½) incur taxes at standard income rates and a 10% penalty on the amount withdrawn. If you're interested in opening a Traditional IRA, be sure to have a look at the underlying penalties and requirements!

A self-directed IRA (SDIRA) holds varied investment options that are normally off-limits for conventional IRAs. With a SDIRA, you have total control over your investments, giving you the opportunity to invest in unique assets such as real estate, precious metals, and cryptocurrencies. 

If you’re a savvy investor who’s already an expert in alternative investments, then this may work well for you! Just beware, they are far more complicated to handle and come with higher fees compared to traditional IRAs. 

When choosing an SDIRA investment option, it's important to do your research and to understand the risks and rewards associated with each investment. It's also important to consult with a financial advisor to make sure you're making the best possible decision for your individual needs.

A Simple IRA is a tax-deferred retirement savings plan set up for employees, and offered by small businesses. In order to qualify, the company must have no more than 100 employees who earned beyond $5000 in the preceding year. 

With a Simple IRA, the employer and employees can contribute toward retirement in a simplified way. It has minimal paperwork as well as lower start-up and annual costs. If you’re an employer, you can choose to either contribute a fixed percentage or match the contributions of each eligible employee’s salary. 

In short, these are easy to set up and run. 

A Roth IRA offers tax-free growth and distributions to its account holders. It’s similar to traditional IRA, the only difference is it is funded with after-tax dollars. This means you’ll be paying taxes on the amount going to your account, and once you start withdrawing funds, the money will be tax-free. 

If you think your marginal tax rates will be higher in the future, then this type of retirement plan is the best fit for you! You can invest today when the tax rates are lower, and reap tax-free withdrawals upon retirement.

A SEP IRA provides a simple and affordable solution to self-employed individuals and small business owners. This type of retirement account allows employers to make contributions for their own retirement and eligible employees. 

Setting up a SEP IRA account gives you access to an assortment of funds that you can use to build a portfolio. Employees can also control their investments and choose from various options, including bonds, stocks, mutual funds, exchange traded funds, and the like.

No matter what SEP IRA investment options you choose, it's important to make sure that you're diversified. This will help minimize your risk and protect your savings.

Payroll Deduction IRA is a simple, and no-cost way for business owners to help employees save for retirement through deducting a set percentage from their pay. 

The employer sets up the payroll IRA deduction program with an insurance provider, while employees sign up for a Roth or Traditional IRA on their own. Employees can also opt to either have a voluntary or involuntary deduction. 

A voluntary payroll deduction can be a great option if you have trouble saving money on your own. The automatic deductions make it easy to save without having to remember to transfer money each month. If your employer offers a payroll deduction IRA, be sure to take advantage of it!