IRA types

Hi!
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As far as I know, there are 5 types of IRAs. They are - Traditional IRA, Roth IRA, Education IRA, SEP IRA, and SIMPLE IRA.

Individual Retirement Accounts (IRA) is a common type of retirement arrangement. There are mainly 4 types of IRA. Let's take a look:

The first type of IRA is the Payroll Deduction IRA wherein an employee establishes an IRA with a financial situation. This IRA is further divided into Traditional IRA and Roth IRA.

The second type of IRA is SARSEP (Salary Reduction Simplified Employee Pension Plan). As this is a simplified plan, the costs are lower than other plans which are quite complex.

The third type of IRA is SEP (Simplified Employee Pension) plan. This helps the employers to make easy contributions toward their employees’ retirement as well as their own retirement.

The fourth type of IRS is the SIMPLE (Savings Incentive Match Plan for Employees) IRA plan. The small employers are able to get a simplified method to make contributions toward their employees’ retirement as well as their own retirement.

To know further in this regard, check out the given page:
http://www.irs.gov/retirement/article/0,,id=111357,00.html