Sole proprietors or partnerships planning for retirement can establish these plans to achieve financial security.
Contributions to a Roth IRA are not income tax deductible, but withdrawals are not required and generally not subject to tax or penalties. The Roth IRA is transferred to heirs income tax free.
To pursue your retirement dreams, a Traditional IRA can be used as a vehicle to invest for retirement. Deductible and non-deductible contributions or a rollover from a qualified plan can be made to fund an IRA.