Today’s tip will cover “What retirement plans offer tax benefits?”
Well, there are many different types of retirement plans that offer tax benefits available to you with different rules about contributions and distributions. Some retirement plans are sponsored by employers while some of your other options are not. Some of you may want to consider looking at a 401K, SEP IRA, Simple IRA, 403b, Profit Sharing Plans, Traditional IRA or Roth IRA.
It is possible to have different types of retirement accounts that offer tax benefits. For instance, if your employer offers a 401K, you can still open an IRA. Depending on your income level, you may want to consider a Roth or Traditional IRA and if you are eligible to deduct your contributions.
For your specific tax related questions consult with your tax adviser.
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Catherine Magaña is a CFP or Certified Financial Planner in Carlsbad California. If you would like to set up a time to see if you are on track to reach your financial goals she can be reached at 760-692-5700, firstname.lastname@example.org or private message.