Retirement Planning 101: What to Consider When Choosing Your Retirement Plan
Introduction
A retirement plan is a financial plan that sets out how much money a person needs to save for their retirement and how it should be invested.
A retirement financial planner is a professional who helps people develop and implement their retirement plans. They do this by assessing the client’s current situation, goals, and risk tolerance.
Retirement planning is not just about saving money; it is also about making the right investments in order to generate income in the future.
What is a 401K?
The 401k plan is a retirement savings plan that employees can contribute to on a tax-deferred basis. The contributions are deducted from the employee’s paycheck before taxes are calculated, and the employee does not pay taxes on those funds until they withdraw them at retirement.
What is a 403B?
A 403B is a retirement savings plan for employees of non-profit organizations.
A traditional IRA is one in which contributions are deducted from the employee's paycheck, and the money grows tax-deferred until withdrawn. Contributions to a Roth IRA are made with after-tax dollars, but withdrawals are not taxed later on. A 403B differs from both because contributions (and earnings) are made with pre-tax dollars, so there is no tax deduction at the time of contribution.
What is a SEP IRA?
A SEP IRA is a type of retirement account that can be opened by any self-employed person. It is often used by small business owners and freelancers, who have no employees other than themselves.
SEP IRAs are also known as Simplified Employee Pension Plans. They are much simpler to set up than traditional 401k plans and they allow the employer to contribute a fixed percentage of their income each year, up to 25% of the employee's compensation or $54,000 for 2023.
The contributions made to SEP IRAs are tax deductible for both the employer and the employee, which means that you can deduct your contribution from your taxable income.
403b Retirement Plan - Everything you need to know
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We've included the most useful 403b Retirement Plan videos in our review, as well as links to further resources for more information.
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