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Retirement Accounts

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  • How to set up retirement accounts?

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Financial Managements

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There are several types of retirement accounts, including:

  • Individual Retirement Account (IRA): An IRA is a personal retirement account that allows individuals to make tax-deductible contributions, grow their investments tax-free, and withdraw funds in retirement. There are two types of IRA: traditional IRA and Roth IRA.
  • Simplified Employee Pension (SEP) IRA: A SEP IRA is a type of retirement plan that allows small business owners and self-employed individuals to make tax-deductible contributions to their retirement accounts.
  • Simple IRA: A Simple IRA is another type of retirement plan for small businesses, which allows both employers and employees to make contributions.
  • Pension plans: Pension plans are retirement plans offered by employers that guarantee a certain amount of income in retirement, based on an employee's years of service and salary.
  • 403(b): A 403(b) is a retirement plan for employees of non-profit organizations, schools, and some government agencies.
  • Thrift Savings Plan (TSP): A TSP is a retirement savings plan for federal employees, including military personnel.
  • Defined benefit plans: Defined benefit plans are employer-sponsored retirement plans that guarantee a certain level of retirement income, based on an employee's salary and years of service.

It's important to note that each type of retirement account has its own rules, limitations, and tax implications. It's a good idea to speak with a financial expert to determine which retirement accounts are best for your individual needs and goals.