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    Retirement savings

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    Please help with the following problems.

    You would like to begin (or increase) your savings for retirement. What types of retirement plans (401ks, IRAs, etc.) might be best for your personal situation? Be sure to explain the plan you are interested in and why this is best for you.

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    Solution Preview

    There are three primary types of retirement plans to invest in for long term retirement saving. These are 401k's, IRA's and Roth IRA's.

    401k's are very common in the employment world. Most companies offer a 401k as part of their benefits package. This is simply an account that you can choose to devote some of your paycheck to stash away for retirement. The primary benefit about 401ks is that the company will usually match a certain amount (~5%) that you put in. For instance if you make 30,000 a year and choose to devotes 5,000 of that to the 401k, the company may match up to 5% of ...

    Solution Summary

    This explains several types of retirement plans and their advantages. The solution discusses 401Ks, IRAs and Roth IRAs. The explanation is given in 450 words.