What does it mean?

The retirement planning conversations usually involve the employer$$employee relationship. For individuals who are self$-$employed, self$-$directed retirement programs also allow them to plan for their retirement.

Match the self$-$directed retirement program terms on the right with the descriptions of the terms on the left. $($Hint: These are not necessarily complete definitions, but there is only one possible answer for each term.$)$

Description Term

Couples filing jointly $($even when participating in a retirement plan at their places of work$)$ can open this type of account as long as their adjusted gross income is less than $$193,000.$

Regardless of income level or participation in an employer retirement plan, a contribution made with after$-$tax dollars can open this type of account.

At age $701/2,$ you must start, except if have a Keogh account and are gainfully employed or you have a Roth IRA.

It requires that a form be completed designating it as this type of account and makes the institution its trustee.

Couples filing jointly with adjusted gross incomes of up to $$193,000($$$131,000$ for single filers$)$ can open this type of account, without regard to participation in an employer retirement program.