What are my options for retirement savings?
An example of an AI chatbot conversation about retirement savings options.
What are my options for retirement savings?
You have several options for retirement savings, including 401(k) plans, IRAs, and Roth IRAs. 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 IRAs, it's $6,500. If you're over 50, you can contribute an additional $7,500 to both.
Are there any tax benefits to these accounts?
Yes, contributions to a traditional 401(k) and IRA may be tax-deductible, reducing your taxable income. Roth accounts allow for tax-free withdrawals in retirement.
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