(Money Manager) - A Roth 401(k) plan is an investment savings account sponsored by an employer, which is funded by using after-tax money. Since the taxes have already been paid on the funds placed in the account, the account owner will be able to withdraw the money after the age of 59-1/2 without having to pay further taxes. Income limitations are not placed on participating in a Roth 401(k) plan.

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(Money Manager) - Guardian IRA plans are typically set up for the very specific purpose of providing for a minor child, or an adult who is mentally incompetent. Essentially, these accounts exist for the purpose of making provisions for those who do not have the age, judgment or mental capacity to handle the IRA funds for themselves. These accounts are created and then administered on behalf of this person by a legal guardian.

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(Money Manager) - A Keogh plan is a tax deferred pension plan, originally established through Congressional legislation in 1962 due to an effort led by Eugene Keogh. These plans are available to unincorporated businesses and people who are self-employed as a means to save for retirement. A Keogh plan is tax-deferred and can be set up as either a defined-contribution or a defined-benefit plan.

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(Money Manager) - A Registered Retirement Income Fund (RRIF) is similar in some ways to an annuity contract. They are designed to provide one or more beneficiaries with a constant flow of income that will last throughout retirement. Those who have a Registered Retirement Savings Plan (RRSP) will roll their funds over into an RRIF when they retire. A Registered Retirement Income Fund will allow a person to keep their retirement funds sheltered from taxes, while still having access to them according to a designated distribution schedule.

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