Choose your plan
One account type for most people. A few more for the rest.
MyFreeIRA is a workplace IRA first. If you are self-employed or run a small business, the same experience opens the other retirement accounts you may be eligible for — each with its own rules, and none of them a black box.
Every plan below is an ordinary IRS-recognised account opened in the saver’s own name and custodied by Investor Services. What differs is who contributes, how much the rules allow, and how it is taxed. Limits are the IRS annual limits for the type; we apply them per tax year and tell you before a contribution would exceed them.
The plans
| Plan | Who it is for | Who contributes | Tax treatment | Tax forms |
|---|---|---|---|---|
| Workplace IRA — Traditional or Roth | Employees of a participating employer | Employee, by payroll deduction; the employer only deducts and remits | Traditional: pre-tax where deductible, taxed on withdrawal. Roth: after-tax, qualified withdrawals tax-free | Form 5498 each year; Form 1099-R on distribution |
| Retirement Maximizer — Traditional and Roth together | Anyone who wants both kinds of IRA | You, into whichever account you choose each time; one shared annual limit across both | Each account keeps its own treatment | Two Forms 5498; Form 1099-R from whichever account distributes |
| SEP IRA | Self-employed people and small employers | The business, as a percentage of compensation | Pre-tax; taxed on withdrawal | Form 5498 (SEP contributions); Form 1099-R |
| SIMPLE IRA | Employers with 100 or fewer employees who want employer contributions | Employee salary deferrals plus a required employer match or contribution | Pre-tax; taxed on withdrawal; two-year rule on early transfers | Form 5498 (SIMPLE contributions); Form 1099-R |
| Solo 401(k) — Traditional or Roth | Self-employed with no employees other than a spouse | You, as both employee and employer | Traditional or Roth by election | Form 1099-R on distribution; Form 5500-EZ once plan assets pass the IRS threshold |
The Retirement Maximizer
Because our accounts are electronic, opening a Traditional IRA and a Roth IRA at the same time costs nothing but a few minutes: one identity verification, one signature flow, two separate accounts on the same record, each with its own statements, beneficiaries and tax forms. The IRS annual IRA limit is shared across both — opening two does not raise it — and which account to fund is a question for a qualified professional, not for us.
Choosing
Employed by a participating employer
Start with the workplace IRA — it is what your employer’s payroll is set up to send to. Add the Maximizer if you also want the other kind.
Self-employed, no employees
A SEP IRA is the simplest; a Solo 401(k) allows higher contributions but carries plan-level reporting once it grows.
Small employer with staff
A payroll-deduction workplace IRA keeps you outside ERISA; a SIMPLE IRA adds an employer contribution and its own rules. For employers →
See footnote 1
What is not yet available
SIMPLE IRA and Solo 401(k) plans are described here as designed; availability depends on the custodian’s authorities and its plan-administration partners, and account opening is not available before the charter. See fees for what each option costs.
See footnote 2
Footnotes
- Custody will be provided by Institutional Trust Company through Investor Services. Institutional Trust Company is seeking a South Dakota non-depository trust charter, is not chartered, and is not accepting accounts. Account opening is not available. ↩
- No account establishment fee, no maintenance fee and no closing fee. Cash held in the money market option carries no MyFreeIRA fee. Investment options other than the money market may carry third-party costs, described on the Fees page. ↩