Always remember this: You’re in the driver’s seat of your own retirement. If you want to really make your retirement years “golden,” you must maximize your savings. And a 401(k) plan, as well as an IRA, are the absolute first steps you will need to ensure your goals are fulfilled.
When you read our Premium Report Understanding Retirement Plans, you’ll have an efficient summary—with advice and perspective—about all the major available retirement plans today.
Plus, you’ll get all the background on each type of plan and all the reasons why you might want to consider each.
Consider the quintessential defined contribution plan—the 401(k), a savings and investing plan that Congress created via the Revenue Act of 1978. In this plan, you make contributions, deducted from your paycheck—on a pre-tax basis—according to a stipulated formula. And then your employer may elect to match part or all of your contributions—in essence giving you free money.
One of the best attributes of the 401(k) is this: because your contributions are on a pre-tax basis, you are not taxed on them until you begin to withdraw them—ideally upon retirement, when your tax rate will be smaller than during your working years.
And since your contributions are deducted from your paycheck, contributing becomes automatic. Think of it as a “forced” savings plan, in which you don’t spend it because you don’t see it!
You’ll get all the details about 401(k) plans and other available retirement plans when you read our Premium Report Understanding Retirement Plans, including:
- 401(k) Plans: Should you set your 401(k) strategy and leave it alone? Or should you ever revisit your 401(k) investing strategy? How should you decide your level of investment in your 401(k)? Hint: Even if you think you can’t afford to contribute, try this technique for always making sure you don’t miss out on socking away money in your 401(k). What about loans or withdrawals—should you ever consider these?
- Traditional IRAs: These retirement vehicles work like 401(k) plans—you contribute pre-tax dollars to an account and watch it grow. But, these are individually directed (not by your employer) and there are income guidelines about how much you can contribute. Read this report to get all the details!
- Roth IRAs: These plans are funded by after-tax dollars, so that means no taxes on your withdrawals (including earnings)—as long as you meet some qualifications. And there are lots more rules, and advantages, to this retirement vehicle. Find out all about Roth IRAs when you read this report now.
This Premium Report Understanding Retirement Plans is your guide to all the available retirement plans, so you can plan now to build your wealth and secure your financial freedom for your retirement.
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