What Are the Different Types of Retirement Plans That Exist Today?

 

IRA Plans

IRAs are one of the most common retirement plans. You can set up an IRA at a banking institution or brokerage firm.

IRAs allow you to put down  maymocxaydung investments specifically earmarked for your retirement. These retirement plans are perfect for individuals that want to be in the driver’s seat when it comes to their financial management.

401(k)s and Employer-Sponsored Plans

Another smart retirement plan for the aging adult is the 401k option.

A 401(k) is a retirement savings plan offered by employers. Contributions will be taken from your paychecks and reinvested by your employer into a fund of your choosing. 401(k)s allow you to access your money without limits.

Self-Employed Retirement Accounts

If you’re self-employed or own a small business, you have different options available for your retirement plans.

Self-employed retirement plans have a higher upper limit for contributions and more investment options than traditional 401(k) plans. Plus, they’re quick and easy to set up, with less burden on you.

Money Purchase Plan

A money purchase plan is a form of defined-contribution money management.

Money purchase plans are fixed rather than variable. This means that you will pay in the same amount regardless of your companies profits. Money purchase plans also allow you to contribute more to your plan if you wish.

How to Choose a Retirement Plan

There are many factors to consider when setting up a smart retirement plan.

A 401(k) is the perfect option for people who want a low-risk management investment in their future. Conversely, IRAs and money purchase plans provide more autonomy and control over your investments.

If you are self-employed or own a small business, self-employed retirement plans offer a simple and easy to manage your financial systems. Bogart Wealth can help you decide what’s best for the future; they are experts in smart retirement plans.

Types of Retirement Plans for You

So, that’s the 101 on best types of retirement plans available today.

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