Which Retirement Plan Should I Choose?


Transcript of Video:

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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