So I'm processing my options for setting up an IRA for the first time and figured lots of you have gone down this road.
[By the way, this post may be more relevant to US-based members.]
Here's my understanding of the "3 flavors":
Traditional IRA - You put money in and it grows tax deferred. When you withdraw (at retirement), you pay taxes on what you put in.
Roth IRA - You put money in and pay taxes at that time. Money grows tax deferred and you don't pay any taxes at retirement.
SEP - Same as Traditional only you can put much more in.
So what are you guys doing and why?
PS - Just wanted to cover the "I know I should talk to my accountant/financial planner on specifics."