Retirement Plans Information
- 401(k): This is an employer-sponsored retirement plan to which you can contribute a pre-tax portion of each paycheck. Contributing to a 401(k) lowers the amount of income you pay taxes on. Additionally, many employers offer matching programs as an employee benefit.
- Roth 401(k): This plan combines features of Roth IRA and 401(k). It is offered through employers, but contributions come from your after-tax salary. Like a Roth IRA, funds in the account are not taxed again.
- Simple IRA: This plan is like a 401(k) and is often offered by small businesses. Contributions come from pre-tax paychecks and money grows tax-deferred until retirement.
- SEP IRA: This plan works well for self-employed individuals, who can contribute part of their paychecks. Contributions can be deducted from income taxes. Plus, annual contribution limits are higher than many other retirement plans.
- Individual retirement account (IRA): This type of account allows you to contribute money, which is invested tax-deferred. Your gains can grow quicker since they are not taxed until you withdraw funds at retirement.
- Roth IRA: This plan differs from a regular IRA in one main way… contributions are made after tax. This means that funds within a Roth IRA are not taxed again. You can withdraw your funds before retirement without penalties.
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