Retirement plans overview

How much do you know about retirement plans?

A retirement plan is a way to set aside money for the future. Contributing to a retirement plan can help you save more, save more often, and start saving now.

That gives your money more time to possibly grow. Remember: even small amounts of savings have the potential to grow over time.

There are various types of retirement plans for both individuals and employers.

  • Some employers offer their employees a 401(k) retirement plan which can make it simple for employees to save money for the future out of every paycheck.
  • Federal employees and some military members may contribute to a Thrift Savings Plan.
  • If you’re a non-working spouse, you may be able to contribute to an Individual Retirement Account (IRA). This is also called a spousal IRA.
  • If you have a business of your own, you can contribute to a Simplified Employee Pension Plan (SEP).

To learn more, consult with a retirement planning expert.

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