From the course: Managing Your Finances Through a Career Transition or Layoff
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Understanding retirement plan options
From the course: Managing Your Finances Through a Career Transition or Layoff
Understanding retirement plan options
- A new job is a fresh start for financial success. It's an ideal time to set up a financial plan for yourself. When assessing retirement plans, take time to understand your options. For most Americans, company plans such as 401ks, 403bs and more makeup the biggest savings vehicles for individuals saving for retirement. First, when you're considering a job offer ask, do you have a 401k option at work? Is it a traditional 401k or a Roth 401k? These are tax sheltered accounts that give you a chance to save for your future goals. And a traditional 401k, your contributions into your 401k aren't tax initially. And you continue to save tax deferred until ideally retirement. At which point, what you withdraw will now be taxed. The Roth 401k is the flip side of this. In terms of tax treatment, here you'll be taxed on the front end and then your money will be tax sheltered while invested. You'll be able to withdraw all your…
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