Account Types Which types of accounts can I open with Velocity Digital Portfolios?Our goal is to provide you with modern and efficient investing opportunities that don’t limit your possibilities. For this reason, you can open a variety of brokerage accounts and own them in one of two ways:Ownership OptionsOwned Individually: You are the sole owner of your brokerage accountJoint Account: You own the account with another person as joint tenants and both share right of survivorshipBrokerage OptionsWe offer the following types of brokerage accounts:Individual Retirement Accounts (IRAs), Rollover & TraditionalWith a traditional IRA contributions are often tax-deductible (often stated as "money is deposited before tax") all transactions and earnings have no tax impact, and withdrawals at retirement are taxed as income (except for contributions that were not deductible). As the name implies, monies deposited into an IRA account are saved for retirement, and withdrawals prior to age 59 1/2 may be subject to a 10% penalty for early withdrawal.A rollover IRA carries the same tax treatment as a traditional IRA, but the funds come from a qualified plan i.e. 401 (k), 403 (b), or another IRA, and are "rolled over" into the rollover IRA instead of being distributed in cash. Generally, no other asstes are commingled with these rollover amounts.ROTH IRAsContributions are made with after-tax dollars (non-deductible), all transactions within the IRA have no tax impact, and withdrawals are usually tax-free.Beneficiary IRAsAn individual retirement account that is left to a beneficiary after the owner's death. Tax laws surrounding inherited IRAs are quite complicated. Beneficiaries should seek the advice of a tax professional if they inherit an IRA.Simplified Employee Pension (SEP) IRAsA provision that allows an employer (typically a small business or self-employed individual) to make retirement plan contributions into a Traditional IRA established in the employee’s name, instead of to a pension fund in the company's name.Personal Trust AccountsA trust created for a person or persons. Personal trusts can be used by individuals to accomplish a variety of financial objectives. Personal trusts are separate legal entities that have the authority to buy, sell, hold and manage property for the benefit of their beneficiaries. A common type of trust is a living trust. A living trust is a property interest created during a persons life that allows easy transfer of assets without going through the process of probate.