Question : What is better a retirement plan or a 401K plan? Is there a difference and how much should I save a month?
Do you know a good place to start when your employer is not doing retirement because you do not have enough hours? I dont feel like Social Security will be around when I get to the age to draw. That will be like in 2040 something.
- asked by **A Perfect Gentleman**
All Answers:
Answer #1
my preference is a Roth IRA. You can deposit upto$4000 a year if your income is under $100,000. The alternative is a tradional IRA. Thedifference is that with a Roth IRA you depositafter tax dollars and never pay any tax on theearnings of the account or until the governmentchanges the law. With a traditional IRA youdeposit pre tax dollars and do not have to pay anytaxes on the money or income until it is withdrawnat which time you pay full taxes. Withdrawalsfrom a 401k are treated like a tradtional IRA.Youcan establish an IRA account of either flavor witha stock broker or a mutual fund company.
- answered by muncie birder
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measure and fulfill your financial needs
