U.S. Bank offers several types of Individual Retirement Accounts (IRAs) to help save for retirement, each with different features.

Traditional IRA

• Funded with pre-tax dollars (might be tax-deductible).
• Earnings grow as tax is deferred.
• Taxes are paid when funds are taken out during retirement.
• The minimum distributions required (RMDs) start at age 73.

Roth IRA

• Funded with after-tax dollars (not tax-deductible).
• Earnings and qualified withdrawals are tax-free.
• No RMDs during the account holder’s lifetime.

Roth IRA for Kids

• For minors with earned income.
• Managed by an adult until the child reaches age 18.
• Same tax benefits as a standard Roth IRA.

Rollover IRA

• Used to move money from a retirement plan at a former job (e.g., 401k).
• Maintains tax-deferred status.
• Same rules as a Traditional IRA.

Self-Managed IRA

• Available as either Traditional or Roth.
• Allows individuals to choose and manage their own investments.

SEP IRA (Simplified Employee Pension)

• For people who are self-employed or small business owners.
• Funded by employer contributions only.
• Can contribute more than with a Traditional or Roth IRA.

SIMPLE IRA (Savings Incentive Match Plan for Employees)

• For small businesses with fewer than 100 employees.
• Allows both employer and employee contributions.
• Employers must match or make fixed contributions.

Inherited IRA

• For beneficiaries of a deceased person’s IRA or retirement plan.
• No new contributions allowed.
• Must follow specific withdrawal rules based on the original account type.

You can learn more or open an account directly through Types of IRA accounts page.