Retirement Accounts (IRAs & 401ks)

Retirement accounts are designed to help individuals save and invest for the future, offering tax benefits to encourage long-term savings. Common types include 401(k)s, Traditional and Roth IRAs, and pensions—each with unique contribution limits, tax rules, and withdrawal guidelines.

401(k) plans, often offered by employers, may include matching contributions, making them a valuable tool for building retirement savings. IRAs provide more flexibility for individuals, with Traditional IRAs offering tax-deferred growth and Roth IRAs allowing tax-free withdrawals in retirement.

Choosing the right account depends on your income, tax strategy, and retirement goals. Starting early and contributing consistently can make a big difference in achieving long-term financial security.