Retirement Plan Options

401(k)

  • Employer-sponsored

  • Tax-deferred contributions

  • Employer matching

  • Withdrawals taxed

IRA (Individual Retirement Account)

  • Personal account

  • Tax-deferred (Traditional IRA) or tax-free withdrawals (Roth IRA)

  • Contribution limits

  • Flexibility in investments

Roth IRA

  • Personal account

  • After-tax contributions

  • Tax-free withdrawals

  • Income limits

403(b)

  • For public school and non-profit employees

  • Tax-deferred contributions

  • Similar to 401(k)

SEP IRA (Simplified Employee Pension)

  • For self-employed and small business owners

  • Higher contribution limits

  • Tax-deferred

SIMPLE IRA

  • For small businesses

  • Employer and employee contributions

  • Tax-deferred

These options offer various benefits and tax advantages to help you save for retirement based on your employment status and income level.