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What are the different types of retirement plans?
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13th Dec 2009 by Mark P. Cussen, CFP, CMFC
There are several different types of retirement plans available for Americans in various situations. Many employers offer qualified retirement plans, such as 401(k) and 403(b) plans to their workers. These plans allow employees to defer a portion of their salaries into tax-deferred savings accounts for their retirement. Traditional and Roth IRAs are available for those with incomes below a certain limit. These stand-alone accounts allow participants to make individual contributions to their retirement plans that grow either tax-deferred or tax-free. There are also other types of plans, such as defined-benefit plans that pay a guaranteed benefit to workers.
There are several different types of retirement plans available for Americans in various situations. Many employers offer qualified retirement plans, such as 401(k) and 403(b) plans to their workers. These plans allow employees to defer a portion of their salaries into tax-deferred savings accounts for their retirement. Traditional and Roth IRAs are available for those with incomes below a certain limit. These stand-alone accounts allow participants to make individual contributions to their retirement plans that grow either tax-deferred or tax-free. There are also other types of plans, such as defined-benefit plans that pay a guaranteed benefit to workers.
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10th Dec 2009 In Retirement
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Subjects: retirement plans,