The types of retirement plans that T. Rowe Price offers include individual retirement accounts, rollover IRAs, transfer IRAs and small business plans, according to T. Rowe Price. The company offers these plans to both individuals and companies.
T. Rowe Price offers two IRA options: Roth IRA and traditional IRA. Members with a Roth IRA are required to pay taxes so that they can enjoy tax-free withdrawals in the future; it has no age limit for contribution, explains T. Rowe Price. Individuals earning above $131,000 may be unable to contribute if single, with a cap of $193,000 for couples. A traditional IRA provides a later tax payment option, with possible tax deductions when members are withdrawing, and members must be under 70 1/2 years old to contribute.
Rollover IRA plans are suitable for people changing jobs or retiring, says T. Rowe Price. A member with a 401(k) can rollover his IRA into a mutual fund investment. He can do this without loads, commissions or sales charges.
Types of small business plans available are simplified employee pension plan IRAs, simple IRAs, individual 401(k) and small business 401(k), states T. Rowe Price. A SEP IRA is for both individuals and businessmen who want to contribute for their employees and for themselves. An employer determines the amount to contribute to his employees, and each employee receives an equal contribution. A simple IRA is for self-employed people and businesses with a maximum of 100 employees. A small business 401(k) is for self-employed people and their spouses. It does not have annual fees or setup costs.