Traditional IRA
- Best for
- Anyone with earned income
- Contribution
- Up to $7,000/year ($8,000 if age 50+)
- Tax treatment
- Tax-deferred growth; deductible contributions may reduce taxable income
- Note
- Withdrawals are taxed as ordinary income after age 59½.
For individuals
Build retirement savings on your own.
Even without a workplace plan, you can save in a tax-advantaged IRA and manage your Social Security strategy.
No plan at work?
Ask your employer to start one — the IRS will help pay for it.
Thanks to SECURE 2.0, small businesses (under 100 employees) that start a new 401(k), SEP, or SIMPLE plan can receive thousands in federal tax credits. Many owners simply don't know the money is there. Share these numbers with yours:
Startup credit
Up to $5,000/yr
100% of plan startup and admin costs for the first 3 years (employers with ≤50 employees). Up to $5,000 per year — as much as $15,000 total.
Employer contribution credit
Up to $1,000/employee
Additional credit for employer contributions made on behalf of employees earning under ~$100k, phased down over 5 years.
Auto-enrollment credit
$500/yr
Extra $500 per year for 3 years for adding automatic enrollment to a new or existing plan.
Bottom line for a small MS employer: starting a plan can be effectively free — or even net-positive — for the first several years. Send your boss or HR to our small-business page to see the numbers and compare providers.
Free money from the IRS
The Saver's Credit
If you contribute to an IRA or workplace retirement plan, you may qualify for a federal tax credit worth up to $1,000 (or $2,000 for married couples filing jointly) — on top of the tax benefits of the account itself. It's one of the most overlooked benefits for low- and moderate-income Mississippi savers.
See if you qualify at IRS.gov →2026 credit rates (AGI-based)
| Credit | Single | Married jointly |
|---|---|---|
| 50% | ≤ $24,500 | ≤ $49,000 |
| 20% | $24,501–$26,500 | $49,001–$53,000 |
| 10% | $26,501–$40,500 | $53,001–$81,000 |
Credit is a percentage of the first $2,000 you contribute ($4,000 married). Must be 18+, not a full-time student, and not claimed as a dependent. Income thresholds adjust annually.
Find forgotten savings
Lost & Found Retirement Accounts
It's easy to lose track of an old 401(k) or pension — especially if you've changed jobs, moved, or a former employer merged or closed. The U.S. Department of Labor runs a free national search tool that helps you find retirement money you may have left behind.
You can search by your name, former employer, or plan details. If you find a match, the tool points you to the plan administrator or federal registry holding the funds so you can claim what's yours. There's no cost to search, and it only takes a few minutes.
Search for lost accounts →What you might find
- Old 401(k)s from previous employers, even if the company no longer exists.
- Pension benefits you may be owed from a union, government, or private plan.
- Money held by state unclaimed-property offices or the federal registry.
Tip: also check the Mississippi State Treasury's unclaimed property database for any assets turned over to the state.
Roth IRA
- Best for
- Younger savers or those expecting higher taxes in retirement
- Contribution
- Up to $7,000/year ($8,000 if age 50+)
- Tax treatment
- Tax-free growth; contributions come from after-tax dollars
- Note
- Income limits apply. Mississippi does not tax retirement income from qualified plans.
Spousal IRA
- Best for
- Married couples with one non-working spouse
- Contribution
- Up to $7,000/year per spouse
- Tax treatment
- Traditional or Roth rules apply
- Note
- Lets a stay-at-home spouse build retirement savings too.
my Social Security
- Best for
- Tracking future benefits
- Contribution
- N/A — estimate only
- Tax treatment
- Benefits may be taxable depending on total income
- Note
- Create a free account at ssa.gov to check your estimated benefit.
Need help choosing a path?
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