These include 401(k), 403(b), and IRA plans. They allow individuals to contribute a portion of their income to a retirement account, often with employer matching contributions.
These plans provide a fixed benefit amount based on salary and years of service. They are less common today due to their high cost for employers.
Designed for self-employed individuals and small business owners, these plans offer higher contribution limits compared to traditional 401(k) plans.
Early Savings: Start saving early to maximize the benefits of compound interest.
Maximize Employer Matching: Contribute enough to your 401(k) or similar plans to receive the full employer match.
Diversify Income Sources: Consider having multiple income streams in retirement, such as a pension, Social Security, and personal savings.
Tax Planning: Optimize retirement income by managing taxes effectively, such as using Roth IRAs for tax-free withdrawals.
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