What are my retirement options?

What are my retirement options?

There are several retirement options available, including 401(k) plans, IRAs, and pensions. 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 on your own, with both traditional and Roth options available.

What are the contribution limits for these accounts?

For 2023, the contribution limit for a 401(k) is $22,500, while for an IRA, it's $6,500. If you're over 50, you can contribute an additional $7,500 to a 401(k) and $1,000 to an IRA.

What should I consider when choosing between these options?

Consider factors like your employer's matching contributions, your current tax situation, and your retirement goals. It's also wise to think about your investment options and fees associated with each account.