Which Retirement Plan Should I Choose?

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Choosing a retirement plan is a great step toward financial security.

There are several types available, but here are the most common:
401(k)s and 403(b)s are plans offered by employers. 401(k)s are offered by for-profit companies, and 403(b)s are offered by public schools and some non-profit organizations.

Contributions are deducted from your paycheck, and are often matched by employers. They’re deducted pre-tax, grow tax-deferred and are taxable on withdrawal.

Traditional IRAs, or Individual Retirement Accounts, are opened by individuals through an investment firm or bank. They may be tax deductible, grow tax-deferred and you pay tax when you take the money out.

A SIMPLE IRA plan is similar to a traditional IRA, but these accounts are set up by a small business owner, and usually permit larger contribution amounts.

And lastly, when you open a Roth IRA, you contribute after-tax dollars, the money grows tax-free, and you pay no tax on withdrawals.

All these types of accounts have their own set of rules on eligibility, contribution amounts and withdrawals.

For more information on retirement plans - give us a call today, or visit our website!

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