What are some good retirement investment options?
An example of an AI chatbot conversation about retirement investment options.
What are some good retirement investment options?
There are several options for retirement investments, including 401(k) plans, IRAs, and mutual funds. Would you like to know more about any specific option?
Can you explain the difference between a 401(k) and an IRA?
Sure! A 401(k) is an employer-sponsored plan that allows you to save for retirement with pre-tax dollars, while an IRA is an individual retirement account that you can open independently. IRAs often have more investment options.
What are the tax benefits of these accounts?
Both accounts offer tax advantages. Contributions to a 401(k) are made pre-tax, reducing your taxable income. Traditional IRAs may also provide tax deductions, while Roth IRAs allow for tax-free withdrawals in retirement.
How much should I contribute to my retirement accounts?
A common recommendation is to save at least 15% of your income for retirement, but it can vary based on your financial goals and retirement age.
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