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What are the different types of investment accounts?
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The different types of investment accounts include Individual Retirement Accounts (IRAs), 401(k)s, Roth IRAs, Health Savings Accounts (HSAs), and Education Savings Plans (ESPs). Each type of account offers its own set of benefits and restrictions. For example, an IRA is designed to help you save for retirement and can offer tax advantages if you meet certain requirements. A 401(k) may be more beneficial in terms of employer matching contributions, while a Roth IRA has no taxes upfront but withdrawals are taxed upon withdrawal. An HSA can be used as a tax-advantaged savings vehicle for medical expenses, while an ESP is specifically designed for higher education costs. It's important to research each type of account before deciding which one best suits your needs.