Many people have more than one account dedicated to retirement savings. You have probably had a 401 (K) through your employer at one time or another. Maybe you even have an Individual Retirement Account. There are several different ways to save.
Accounts, like a 401 (K) or a Traditional IRA, allow the money to be put away without paying the taxes upfront. You pay taxes on the money when you take it out of the account. A Roth IRA uses after-tax money and grows tax-free, providing tax-free money at retirement. Even a stay-at-home spouse can save through an IRA if the other spouse has earned income.
Other accounts are designed for business owners. Knowing the size of the company, who you want to cover under the plan and how much you want to contribute will help decide the best plan for you. Even self-employed people can save through a SEP or Owner 401 (K).
Many financial strategies include several options working together. Let us help you decide how to take advantage of these offerings.