In addition to the traditional IRA, Roth IRA, and education IRA, there are a number of other IRAs that you should learn about.

• The spousal IRA is an IRA funded by a married taxpayer in the name of his or her spouse. Normally, participants in IRAs must have earned income. However, it is not necessary for the spouse to have earned income with the spousal IRA.
• The nondeductible IRA is an IRA in which contributions are made with after-tax dollars, and earnings grow tax deferred; taxes are paid on the earnings when they are withdrawn at retirement. Even if your modified adjusted gross income (MAGI) is greater than allowable limits, you may still find it useful to look into this type of IRA.
• An individual retirement annuity is an IRA that is set up with a life insurance company through the purchase of annuity contract. This annuity ensures a certain dollar amount of funds will be paid to the owner each period of the contract after retirement.
• The employer and employee association trust account IRA is set up by employers, unions, and associations.
• The rollover IRA is a traditional IRA that is set up specifically to receive distributions from a qualified retirement plan, such as another 401(k), IRA, or other plan. You can roll over your 401(k) from a company you previously worked for into a rollover IRA, and then you manage that rollover IRA.
• An inherited IRA is an IRA acquired by the nonspousal beneficiary of a deceased IRA owner.
• The simplified employee pension IRA (SEP-IRA) is a traditional IRA set up by a small-business owner for the company’s employees. This type of IRA will be discussed later in this section.
• The savings incentive match plan for employees IRA (SIMPLE-IRA) is a traditional IRA set up by a small-business employer for the company’s employees. This type of IRA will be discussed later in this section.