What are my options for retirement plans?
You have several options for retirement plans, including 401(k)s, IRAs, and Roth IRAs. Would you like to know more about each?
Yes, please explain the differences between a 401(k) and an IRA.
A 401(k) is employer-sponsored and allows higher contribution limits, while an IRA is individually managed with lower limits. Both have tax advantages.
What about a Roth IRA? How does it differ from a traditional IRA?
A Roth IRA allows you to withdraw funds tax-free in retirement, but contributions are made with after-tax dollars, unlike a traditional IRA.
Which option would you recommend for someone in their 30s?
For someone in their 30s, a Roth IRA can be a great choice due to the potential for tax-free growth over time.
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