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5 Different Types of Retirement Plans You Need to Know About

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is a tax-deferred retirement plan, a defined contribution plan and a qualified retirement plan simultaneously. Let’s look at some common types of retirement plans to help you gain greater confidence when discussing your retirement savings.

A tax-deferred retirement plan lets you save for the future and postpone paying taxes until the money is withdrawn in retirement.

Any interest you earn on your contributions is tax-deferred until retirement, when you may be in a lower tax bracket and have to pay less in taxes overall.Many tax-deferred accounts also have the added benefit of lowering your taxable income in the year you made contributions, since you can make contributions with pre-tax money.

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