A retirement account that allows tax-deductible contributions and tax-deferred growth. Contributions typically lower your current year's taxable income, but withdrawals in retirement are taxed as ordinary income.
A retirement account funded with after-tax dollars. While contributions aren't tax-deductible, qualified withdrawals in retirement are completely tax-free, including all earnings. This can be particularly valuable if you expect to be in a higher tax bracket in retirement.
A retirement account specifically designed for self-employed individuals and small business owners. It allows for higher contribution limits than traditional IRAs and can be easier to administer than a 401(k). All contributions are made by the employer.
A retirement plan designed for small businesses with 100 or fewer employees. It allows both employer and employee contributions, with mandatory employer matching or non-elective contributions. It's easier to administer than a 401(k) but has lower contribution limits.
An employer-sponsored retirement plan that allows employees to contribute pre-tax dollars from their paycheck. Often includes employer matching contributions and may offer loan provisions. Contributions and earnings grow tax-deferred until withdrawal.
Similar to a 401(k) but specifically for employees of public schools, non-profit organizations, and religious groups. Sometimes called a "tax-sheltered annuity," it often offers lower costs and different investment options than 401(k)s.
A retirement plan available to state and local government employees. Unlike other retirement plans, early withdrawals before age 59½ aren't subject to a 10% penalty. However, they're still subject to ordinary income tax.
While technically not a retirement account, HSAs offer triple tax advantages: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. After age 65, it can function like a traditional IRA for non-medical expenses.