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Retirement Planning

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Planning for retirement should start during your working years, as early as possible. Whether you are a contracted employee, a salaried employee, or a business owner, the right retirement plan should be implemented.

Types of Retirement Plans

A well-crafted retirement plan will provide you with significant tax savings. The types of retirement plans vary based on whether you are an employee, an independent contractor, or a business owner. The federal government has put several tax incentives in place to inspire workers to set aside money for retirement. The types of retirement plans include:

  • 401(k): These are company-sponsored retirement plans that allow employees to contribute to a retirement plan. The company can match funds. The contributions made to the fund are pre-tax, reducing taxable income, but will be taxed when withdrawn from the fund.
  • Roth 401(K): A Roth 401(k) involves contributions made with after-tax income, with the later withdrawals tax-free.
  • IRA: A traditional IRA allows you to contribute to a retirement fund pre-tax. You may be in a lower tax bracket after retirement, with savings.
  • Roth IRA: These funds involve contributions after tax, with the fund growing over time tax-free, along with tax-free withdrawals when you retire.
  • SEP IRA: A SEP (Simplified Employee Pension Plan) can be established for employees or self-employed individuals. Only the employer contributes to these plans, making them a popular method for retirement planning for self-employed individuals.
  • Simple IRA: These plans are for employees, and the employer may match contributions. Contributions can also be guaranteed but have lower contribution limits than some other plans.
  • Solo 401(k): These retirement plans serve business owners who have no employees. The benefits include contribution limits higher than some other individual retirement plans.

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