Personally Established Retirement Accounts These days, aimost anyone can open personal, tax-sheltered retirement accounts whether or not they're enrolled in a plan at work. Terms and provisions vary among plans, so it pays to do some homework before deciding which is best for your circumstances and goals. To help you focus on the aspects of different plans, answer the following questions. Corl wants to open a personal retirement account. He is willing to take the tax hit now in order to enjoy tax-free withdrawals when he retires, What plan would you recommend? Traditional tRA. foth tha: Jared is a small-business owner. He wants to create a ratirement plan and does not intend to contribute to it during years in which the business experiences a loss. What type of plan is Jared most likely going to open? SEP-IRA Keogh Ramon is 34 years old and is going to Dpen a personal retirement account, even though right now he is on a very tight budget. Ramon is cornmitted to making a contribution to his new plan but otherwise needs as much cash avaliable now as possible. What plan would you recommend? Treditional IRA. Roth IRA. Hubert is a small-business owner. He wants to create a profit-sharing or money-purchase retirement plan. What type of plan is Hubert most likely going to open? SEP-IRA Keogh