Overview

Determining the best retirement account for your client sounds like a very straight-forward process, however, there are some restrictions, and it is necessary to be able to explain if one account might be more advantageous than another for a business owner and employees.

Instructions

Review your eText sections and other sources you identify relating to the different types of retirement accounts and answer the following questions:

1. There are many different types of retirement accounts such as Individual Retirement Accounts (IRAs), Roth IRAs, Keogh Plans, Simplified Employee Pensions (SEPs) and 401(k), and Simple IRAs. Of all of these retirement accounts, which one would you recommend to a self-employed business owner and why?
2. Which one appears to be most advantageous for a non-owner employee of a small business and why?