Personal Retirement Accounts

Traditional IRA: Money you earn in this individual retirement account grows tax deferred—you pay taxes when you withdraw money from the account.
Roth IRA: Money you earn in this individual retirement account grows tax free—your contributions are made with after-tax (non-deductible) money into the account.
Rollover IRA: Roll over distributions from a 401(k) of another type of eligible employer-sponsored retirement plan into a Rollover IRA. Earnings grow tax deferred—you pay taxes when you withdraw money from the account.
Qualified Annuity: Annuities offer lifetime income payments and a guaranteed death benefit. Like a non-qualified annuity, qualified annuity earnings grow tax deferred—pay taxes on any pre-tax contributions and earnings when you withdraw money from the annuity. Your decision to purchase a qualified annuity should be based on the annuity contract features and not tax deferral of earnings which applies to both qualified and non-qualified annuities.