3 Common Retirement Accounts
3 Most Common Retirement Accounts
- Provided through employer
- Pre-tax contributions/ Taxed withdrawals
- Possibility of employer match
- Not subject to income limits
- Higher contribution limit than IRAs
- Earliest Distribution Age: 59.5
- Required Minimum Distribution Age: 70.5 (unless you are still working)
- Individual account provided by financial institution
- Pre-tax contributions/ Taxed withdrawals
- Limits exist for the amount of contributions you can deduct on your taxes.
- Lower contribution limits than 401k/ 403b
- Earliest Distribution Age: 59.5
- Required Minimum Distribution Age: 70.5
- Individual account provided by financial institution
- After-tax contributions/ Tax free withdrawals
- Income limits exists
- Lower contribution limits than 401k/ 403b
- Can withdraw the amount you have contributed at any time tax free. (If you withdraw the earnings on your contributions you may face taxes and penalties.)
- Required Minimum Distribution Age: None!
401K/ 403b
Traditional IRA
Roth IRA
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