Is there a difference between the term etirement account and the term IRA?
The two terms are sometimes interchangeable but not always. An IRA is always an Individual Retirement Arrangement . However, a ‘retirement account’ may apply to either an IRA or an employee-sponsored qualified plan such as a profit-sharing or 401(k) plan. Therefore, when we use the term IRA we include all forms of Qualified Retirement Plans: – Keoghs – Profit Sharing – Money Purchase – 401(k) – 403(b) – 457 – 412(i) – SEP IRA – SAR SEP – Thrift Saving Plans – Simple IRA – Traditional IRA – Roth IRA – Spousal IRA – Beneficiary IRA – Conduit IRA – Qualified Annuities – Coverdell Education Savings Account – Salary Deferral 401(k) Plans.
