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How to Choose the Right Retirement Account? — Getting to know the Traditional & Roth IRAs, Employer Plans, and Annuities

How to Choose the Right Retirement Account? — Getting to know the Traditional & Roth IRAs, Employer Plans, and Annuities

Since American Social Security payments are not very generous, a contribution to a private retirement plan that complements “social security “is essential. It is necessary to understand everything before getting involved in this field.

Regulations are complex for each plan, but here are how the main plans work in general:

1. Employer Plan with a Match

An employer match is your company’s contribution to a retirement plan, such as your 401(k) or 403(b). You should definitely take advantage of any matching program; it would be your most valuable financial move to secure your retirement income.

Besides, an employer-sponsored plan has many...

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