Plan Your Future | Retirement

What is a 401(k)?

A 401(k) is a retirement savings plan that allows employees to contribute a portion of their salary to a tax-deferred account. It falls down into two basic types: Traditional 401(k) and Roth 401(k). However, not all employers offer a Roth account, as it is a late comer compared to traditional 401(k). The money in a 401(k) account grows tax-deferred, meaning that you don't pay taxes on the contributions or earnings until you withdraw the money in retirement. This can help you save more money for retirement because you're not paying taxes on your contributions upfront.

401(k)

What is an IRA?

An individual retirement account (IRA) is a retirement savings account that allows you to save money for retirement with tax advantages. There are two main types of IRAs: traditional IRAs and Roth IRAs. Traditional IRA: With a traditional IRA, you make contributions with money that you can deduct from your taxable income. Your money then grows tax-deferred, meaning you don't pay taxes on any investment earnings until you withdraw the money in retirement. Roth IRA: With a Roth IRA, you make contributions with money that you have already paid taxes on. Your money then grows tax-free, and you can withdraw it in retirement tax-free, provided that you meet certain requirements. There are annual contribution limits for IRAs. For 2023, the contribution limit for traditional and Roth IRAs is $6,000 for individuals under age 50, and $7,000 for individuals age 50 or older.

IRA

What are Social Security benefits?

Social Security benefits are monthly payments made to retired workers, their spouses, children, and survivors. The benefits are funded by payroll taxes paid by workers and their employers. There are four main types of Social Security benefits: Retirement benefits: These benefits are paid to retired workers who have reached full retirement age. Disability benefits: These benefits are paid to workers who are unable to work because of a disability. Survivor benefits: These benefits are paid to the surviving spouse, children, and dependent parents of a deceased worker. SSI benefits: These benefits are paid to low-income individuals who are 65 or older, blind, or disabled.

Social Security Benefits

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What is a 401(k)?

What is an IRA?

What are Social Security benefits?

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