Retirement accounts are specialized financial accounts designed to help individuals save and invest for their retirement. These accounts offer various tax advantages and investment options, making them an essential tool in retirement planning.

There are several types of retirement accounts, including:

• 401(k) plans
• Individual Retirement Accounts (IRAs)
• Roth IRAs
• Simplified Employee Pension (SEP) IRAs
• Simple IRA

Each type of retirement account has its own rules and regulations regarding contributions, withdrawals, and tax treatment.

A 401(k) plan is an employer-sponsored retirement account that allows employees to contribute a portion of their salary on a pre-tax basis. The contributions grow tax-deferred until withdrawal, and some employers may offer matching contributions.

Individual Retirement Accounts (IRAs) are personal retirement accounts that individuals can set up on their own. There are traditional IRAs and Roth IRAs. Contributions to traditional IRAs may be tax-deductible, and earnings grow tax-deferred until withdrawal. Roth IRAs, on the other hand, are funded with after-tax contributions, and qualified withdrawals in retirement are tax-free.

SEP IRAs are retirement accounts for self-employed individuals and small business owners. Employers can make tax-deductible contributions on behalf of eligible employees, and the contributions grow tax-deferred until withdrawal.

A Simple IRA (Savings Incentive Match Plan for Employees) is an employer-sponsored retirement plan for small businesses. It allows both employers and employees to make contributions, and contributions grow tax-deferred until retirement.