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Of course, account balances only represent one component of retirement wealth. Many seniors have additional means of income, such as 401(k)s and IRAs. There are also pensions, inheritances ...
Here are some retirement plans to consider that go beyond your 401(k). Traditional IRA One of the benefits a traditional IRA has over a 401(k) plan is complete investment flexibility.
How can I invest without a 401(k)? You have numerous retirement investment options beyond 401(k)s -- including an employer pension, which is mainly available to certain employees who work in ...
Individual retirement account. An individual retirement account[1] (IRA) in the United States is a form of pension [2] provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age.
A Roth IRA is an individual retirement account (IRA) under United States law that is generally not taxed upon distribution, provided certain conditions are met. The principal difference between Roth IRAs and most other tax-advantaged retirement plans is that rather than granting a tax reduction for contributions to the retirement plan, qualified withdrawals from the Roth IRA plan are tax-free ...
It is similar to a 401(k) but offers simpler and less costly administration rules. Like a 401(k) plan, the SIMPLE IRA is funded by a pre-tax salary reduction. However, contribution limits for SIMPLE plans are lower than for most other types of employer-provided retirement plans.
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