Explore BrainMass

Explore BrainMass

    types of retirement plans (401ks, IRAs, etc.)

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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.

    © BrainMass Inc. brainmass.com November 30, 2021, 1:02 am ad1c9bdddf

    Solution Preview

    This question is actually answered for you in the 1040 instructions. In short, you can only participate in a 401k plan if you are an employee of a company. You can open an IRA or ROTH IRA if your company does not offer a 401k or you choose not to partipate in it. There are also rules about doing both if your 401k contributions do not exceed a certain amount depending on your income, etc. (www.ira.gov will tell you ...