Retirement Savings

Some financial accounts offer special tax benefits to encourage saving and investing for retirement. These benefits can include tax deductions (e.g., pre-tax contributions), tax-deferred growth (no taxes until withdrawal), and/or tax-free withdrawals.

Some types of tax-advantaged retirement accounts include accounts in employer-sponsored retirement plans such as 401(k), 403(b) and 457(b) plans.  Other tax-advantaged retirement accounts, such as various types of individual retirement accounts (IRAs), can be opened by you, the investor, at the vendor of your choice. Depending on your circumstances, you can have more than one type of retirement account.

Learn about some of these retirement accounts in the menu on your left. For additional information on the rules and tax consequences of these accounts, please consult a tax professional.