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Exploring Employer-Sponsored Retirement Plans
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[QUOTE="Phantasm, post: 343931, member: 94599"] Companies offer different plans to help their employees save for retirement through employer-sponsored retirement plans. Many common ones include 401(k), 403(b), 457, Simple IRA, SEP IRA, and Defined Benefit Plans. While 401(k) plans may have pre-tax contributions with possible employer matching, 403(b) plans are meant for not-for-profit workers. On the other hand, the 457 plan is for government employees who can make tax-deferred contributions. For small businesses and self-employed persons, there are Simple and SEP IRAs whereas Defined Benefit Plans provide specific benefits based on salary history and years of service. For these reasons, you must always think about this such as vesting schedules that talk about the matching formulas of earnings. When preparing for retirement one should pay close attention to investment options, limits on contributions; taxation aspects; how long employers take before they own the money contributed by an employee; relocatability; educational opportunities that could be useful in increasing awareness of what lies ahead after one stops working or in some cases continues working until they reach old age.. Factors including fees, risk appetite and objectives should be considered while selecting mutual funds, index funds or target-date funds. IRS annual contribution limits like the $20,500 limit for both 401(k) and 403(b) plans in 2022., Traditional versus Roth retirement accounts’ tax implications should be appreciated., Also understand your employer’s vesting schedule for any matching funds provided by them., Ensure fund portability when changing jobs through rollovers. [/QUOTE]
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