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    Types of Retirement Plans (401k, IRA, etc.)

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    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

    Please see response attached (also below). I hope this helps and take care.


    Let's assume the person is already covered under the 401k (see http://www.dol.gov/dol/topic/retirement/typesofplans.htm), but wants to increase her savings for retirement. The person might have the employer sponsor a Simplified Employee Pension Plan (SEP).

    Specifically, SEPs are ...

    Solution Summary

    Through example, this solution describes one type of retirement plan (401ks, IRAs, etc.) and matches it to a specific situation, explaining why it is the best fit.