Q:

How many different options does T. Rowe Price Retirement Plan Services offer?

A:

Quick Answer

T. Rowe Price Retirement services offers two different retirement products: individual retirement accounts, or IRAs and small business retirement plans, according to the company's website. Consumers also have the option to transfer or rollover an IRA with T. Rowe Price.

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Full Answer

An IRA is an individual savings account that features significant tax advantages, reports CNN Money. In contrast to 401(k) plans, which are employer-sponsored, IRAs are accounts opened by individuals. Money contributed to an IRA grows without being subject to taxes, as income from dividends, interest and capital gains compounds on an annual basis. The federal government sets limits on the amount an individual is allowed to contribute to an IRA.

In contrast to traditional IRAs, Roth IRAs require upfront tax payments, but withdrawals are not subject to tax, according to Bankrate. Roth IRAs allow account holders to make penalty-free withdrawals under qualifying circumstances. A Roth IRA investor is permitted to make contributions at any age, provided he is still working.

T.Rowe Price also offers small business retirement plans. These plans are available to self-employed individuals and businesses with 100 employees or less, and are designed to be low-cost and easy to manage. Several different types of small business retirement plans are available through T. Rowe Price, including Simple IRAs. T. Rowe Price also offers individual 401(k) accounts for one person business owners and their working spouses.

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