Hey! When you develop your strategy for retirement, one way to save for the future is with a qualified retirement plan. Here are a few of the most common types.
Many employers sponsor retirement plans like 401(k)s and 403(b)s. These are limited in the amount you can contribute each year, but employers may match up to a certain amount. These contributions may be taxed, depending on the plan options. Smaller companies offer SIMPLE Plans, which have a similar benefit and lower cost to the company.
Personally, you can contribute to a Traditional IRA or a Roth IRA. There are yearly limits, and employers do not match in these plans. Each has different benefits and rules, but each can contribute to your nest egg come retirement time.
For more information about saving for retirement, visit southernbank.com/getwell. See you next time on Money Matters!