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3 Responses

1. S

   14|Jan|2011

   That is a really big question to explain in a brief simple way. There are all different types, each having its own set of pros and cons.

   Some are defined benefit, some are defined contribution. Some are for state and local government employees, some are for educational employees, some are for private corporation employees. Some are “qualified”, some are “non-qualified”, some are for individual use, some can be funded with stock or cash, some may have an employer match. People may have access to 1, some, are all. Investment in one type may limit your investment in other types, some require vesting, some only pay benefits if you are vested and reach retirement age, some have penalties for early withdrawal, etc.

   You may want to do some initial research and put some detail to your question, or perhaps come up with a question that is more personal to your situation

2. superdadbrad

   14|Jan|2011

   good information on retirement options:

3. doreen k

   15|Jan|2011

   The two most common retirement accounts today are 401(k) plans and Individual Retirement Accounts (IRAs). A 403(b) plan is very similar to a 401(k), but is usually offered to employees who work for educational institutions.

   The two most common types of IRAs are traditional and Roth IRAs. You usually fund traditional IRAs from pre-tax dollars, meaning you can deduct your contributions. However, if you’re already covered by some kind of retirement plan at your place of employment, you may earn too much to have a deductible IRA. In that case, you can contribute to a non-deductible IRA. Your earnings will accumulate on a tax-deferred basis.

   Another option is the Roth IRA, which is always funded with post-tax dollars. This means you cannot take a deduction for your contributions, but your earnings will accumulate tax free and by the time you retire most of your account balance will likely be from earnings. And, withdrawals in retirement will be tax free.

   Since tax rates are historically low right now, it’s likely to be an advantage to pay taxes on your IRA contributions at today’s tax rates and withdraw tax-free in retirement.

   And, with your 401(k), you may have the option of a Roth 401(k). A Roth 401(k) allows you to save for retirement with post-tax dollars and accumulate tax-free earnings, much like the Roth IRA. Withdrawals are tax free in retirement.

   Between the two, you should be able to contribute more than $21,000 to a combination of retirement accounts. If you cannot contribute the maximum to both types of retirement accounts, contribute at least enough to your 401(k) to get the maximum employer match. Then contribute the maximum to your Roth IRA first ($5,000 or $6,000 if you’re age 50 or older).