What are my 401(k) options for retirement savings?
An example of an AI chatbot conversation about understanding 401(k) options for retirement savings.
What are my 401(k) options for retirement savings?
You have several options for your 401(k), including traditional, Roth, and solo 401(k) plans. Would you like to know more about each?
Yes, please explain the difference between traditional and Roth 401(k) plans.
A traditional 401(k) allows you to contribute pre-tax income, reducing your taxable income now, while a Roth 401(k) uses after-tax income, allowing tax-free withdrawals in retirement.
What are the contribution limits for these plans?
For 2023, the contribution limit is $22,500 for both traditional and Roth 401(k) plans, with an additional $7,500 catch-up contribution if you're over 50.
Can I roll over my 401(k) to an IRA?
Yes, you can roll over your 401(k) to an IRA, which can provide more investment options and potentially lower fees.
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