An individual retirement account (IRA) is similar to a savings account that helps you save for retirement and make the most of tax savings. IRA accounts have two types—one is a traditional account and the other one is a Roth account. It is a retirement plan provided to individuals by various financial institutions in the country.

There are several plans you may choose from. It is important to consider your requirements and go for a plan that fits your needs.

Ally Invest
Ally Invest provides one of the best structures for an IRA. It offers unlimited options for investment and has the lowest fee structure in the market. It offers managed portfolios that require a minimal investment of around $2500 and has an annual fee as low as 0.30%. It gives you an option to have your entire portfolio managed by professionals. However, you must remember to maintain the minimum balance, else you may have to pay a penalty of around $50 per annum.

Betterment
Betterment is a huge investment advisor. It offers a managed portfolio, and you are only required to fund your account. The professional managers will allocate the portfolio between debt and equity instruments. It does not require any initial deposit.

Wealthfront
Wealthfront offers one of the best IRA retirement plans in the market. It offers low-cost professional services for your IRA and is an ideal platform to grow your investment. They offer a diversified portfolio of debt and equity and also has a range of alternative investment options. An IRA account may be opened with an amount as low as $500 and the advisory fee for the account is around 0.25%.

E*TRADE
E*TRADE offers an ideal mix of investment options with a low pricing. The stocks and mutual funds may be traded at a low cost, and there are more than 1000 mutual funds to choose from. With more than 30 physical locations across the country, it is an ideal option. It neither has any annual fees nor does it require any minimum account balance.

Choose the best IRA retirement plan based on your investment criteria and long-term financial goals. Professional management of your portfolio will allow you to maximize your wealth and generate higher returns on the same. At the same time, with a diversified portfolio, you will be able to reduce the associated risks.