Do you have a plan in place for your retirement?

For many people, the extent of their retirement planning includes signing up for the plan at work – which is often more of a starting point than a comprehensive retirement plan.

Let’s demystify the lingo and break down some of the most common retirement plans, so you can determine the best retirement plan for you:

Common Retirement Accounts

Whether you work for a large company, a small business, or yourself, there are retirement savings accounts that will work best for your situation. Here are some of the most common ones:

  • 401(k) – A 401(k) is a retirement plan available through employers for employees. There are traditional and Roth 401(k)s, both differentiated by their tax benefits.
  • Traditional 401(k) –  Employee contributions reduce taxable income, but withdrawals in retirement are taxed. 
  • Roth 401(k) – Contributions are made

    Keep reading this article on Your Richest Life , Katie Brewer - Blog.

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