Consult a tax and/or legal advisor for guidance and information on which account fits your situation.
A traditional IRA allows you to contribute pre-tax dollars toward investments that can grow tax-deferred. After age 59½, withdrawals are penalty-free and taxed as current income.
A Roth IRA allows you to contribute after-tax dollars toward investments that can grow tax-deferred. After age 59½, withdrawals are penalty-free and tax-free.
An education IRA, also known as a Coverdell Education Savings Account (ESA), allows parents and guardians of children under 18 to contribute after-tax dollars that can grow tax-deferred and be withdrawn tax-free for educational purposes.
A rollover IRA is a special type of traditional IRA you can transfer your employee retirement funds into when you change jobs or retire.