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You would like to begin (or increase) your savings for ...

Sent to General Experts July 03 10:35 PM

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.

 

Customer (name blocked for privacy)
Status:  Closed   Value: $10
Answer
July 3 10:47 PM (12 minutes and 7 seconds later)
         
ACCEPTEDCheck Mark

401k in general is the best:

  • employer match
  • authomatic contribution - convinuence
  • reduces your AGI - affect other deductions (EIC, child tax credit, educational credits, etc)
  • Additional saver's Tax Credit
  • in case of emergency - the loan may be taken

Roth IRA - very good additional to 401K

  • no required distribution
  • earning will not be taxable
  • diversification of investment

Trad IRA - if no 401K plan at work:

  • all benefits of 401K except employer's match

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Lev -- Money-Tax,Investment,Collectibles -- 100% Positive Feedback on 124 General Accepts
Three years with HRB
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