Learn everything you need to know about the different types of retirement plans, their differences, and the associated benefits.
1. 401(k) Plans
A definition of 401(k) plans and an explanation of how to benefit from them and plan for retirement. It includes information on tax reduction, employer contributions, and contribution limits.
2. Individual Retirement Accounts (IRAs)
An explanation of individual retirement accounts (IRAs) and how to invest in them while benefiting from tax deferral. It includes information on contribution limits, early withdrawals, and more.
3. Roth IRAs
Information about Roth IRA plans and how to benefit from them, explaining the differences between them and other retirement plans. It also includes details on early withdrawals and contribution limits.
4. Roth 401(k)
An explanation of the advantages of the Roth 401(k) plan and how to benefit from it. It also includes information on contribution limits and withdrawal requirements.
5. SIMPLE IRA Plans
Information about SIMPLE IRA plans and how to use them in retirement planning. It also includes information on eligibility requirements, taxes, and penalties for early withdrawals.
6. SEP IRA Plans
A clarification of SEP IRA plans and how to benefit from them for business owners without employees. It also includes information on contribution limits and tax benefits.
Source: https://www.thebalancemoney.com/types-of-retirement-plans-2894324
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