If you are a self-employed individual or a small business owner having employees that ranges from one to one hundred, there are other retirement funding privileges for you. Aside from the two common types of IRA, the Roth IRA and Traditional IRA, there are three IRA types that you can choose from. These types are considered as the best IRA accounts for small business owners and self-employed individuals.

IRA accounts are offered by employers to retain valuable employees and attract new talent. The best IRA accounts that will benefit both the employer and the employees, are the SEP IRA or the Simplified Employee Pension IRA, the SIMPLE IRA or the Savings Incentive Matching Plan for Employers and the Group IRA or the Employer and Employee Association Trust Account. Each of these types may vary but all of them allow employers to contribute to IRA accounts of the employers directly.

All the three types of IRA mentioned provide various benefits for employers and employees. SEP IRAs are those accounts where employers are allowed to make contributions directly to the IRA accounts of his employees including himself. The contribution for this type of IRA depends on the employer’s discretion. Unlike SEP IRA, SIMPLE IRAs are those IRA accounts are not solely funded by the employers. Employees are allowed to contribute to the IRA account to as much as $11,500 for ages 50 below and $14,000 for those employees ages 50 and above. Group IRAs on the other hand are established by employers, unions and other employee organizations for its members.

All three IRAs, SEP IRA, SIMPLE IRA and Group IRA, are traditional IRA accounts. So if you want to find the best IRA rates to open these IRA types, you should look for companies that offer traditional IRAs. You can open a traditional IRA in a bank or with a broker depending on what type of investment your IRA will hold. To find the best IRA rates, research on various companies is required. These rates may vary from one company to another, but these rates are not far off from each other.

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