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John Burnside

Ways to Save for Retirement

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Employer Sponsored Plan Retirement Accounts

 

Small Business

  • SEP IRAs
  • SIMPLE IRAs
  • Solo 401k

 

Large Business

  • 401(k) Plans
  • Profit Sharing Plans

 

Government Employees

  • 403(b) Plans : a retirement plan for specific employees of public schools, tax-exempt organizations and certain ministers.
  • 457(b) Plans: A plan offered to highly compensated government and select non-government employees.

 

Personal Retirement Accounts

 

  • Traditional IRAs
  • Roth IRAs

 

Taxable Accounts

 

Obviously, investors can simply deposit money in a traditional taxable investment account.  This is a good option if you’ve maxed out retirement account contribution limits.  It is also a good option if you want more flexibility with your money since most retirement accounts have penalties for early withdrawals.

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