How do I compare different retirement accounts?
An example of an AI chatbot conversation about comparing retirement accounts.
How do I compare different retirement accounts?
To compare retirement accounts, consider factors like tax benefits, contribution limits, and withdrawal rules.
What are the main types of retirement accounts I should look at?
The main types include 401(k)s, IRAs, Roth IRAs, and SEP IRAs. Each has unique features and benefits.
Can you explain the tax advantages of a Roth IRA?
Sure! With a Roth IRA, you contribute after-tax dollars, and your money grows tax-free. Withdrawals in retirement are also tax-free.
What about penalties for early withdrawal?
For most retirement accounts, withdrawing before age 59½ can incur a 10% penalty, plus taxes on the amount withdrawn.
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