IRA Financial Institution Custodian Requirements

Since the 1970s, the federal government has enacted legislation authorizing several types of tax-deferred retirement accounts to encourage Americans to save more for retirement. The two basic types of retirement accounts are employer-based (401ks) and self-directed (Individual Retirement Accounts). Employers decide on the custodian of the funds for 401k accounts, but individuals must select their own IRA custodian.

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