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Your choices here include a taxable brokerage account, an IRA (individual retirement account), or a 401(k) plan, if your employer offers one.
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
Then, go back and maximize tax-advantaged retirement accounts, either the 401(k) or retirement accounts such as an individual retirement account (IRA) or Roth IRA.
Some retirement calculators, appropriate for safe investments, assume a constant, unvarying rate of return. Monte Carlo retirement calculators take volatility into account and project the probability that a particular plan of retirement savings, investments, and expenditures will outlast the retiree.
Here's the average 401(k) balance after 15 years of saving. The Fidelity survey looked at the average 401(k) balance of more than 24 million participants in more than 26,100 of its corporate plans ...
If you’re set on tapping your retirement account to pay off debt, taking out a 401(k) loan might be a better move than taking a hardship withdrawal.
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