Retirement Accounts

Different types of accounts offer various tax advantages for retirement savings:

• 401(k): Employer-sponsored plan with potential matching
• IRA: Individual Retirement Account with tax benefits
• Roth IRA: Contributions are taxed, but withdrawals are tax-free
• Pension Plans: Employer-funded retirement plans

Retirement Planning Steps

1. Estimate your retirement expenses
2. Calculate your retirement income needs
3. Maximize employer matching contributions
4. Take advantage of catch-up contributions if over 50
5. Consider working with a financial advisor