CHAPTER 5 Retirement Savings
Your Social Security benefits alone, or even retirement benefits derived from employer contributions to retirement plans on your behalf, won't provide you with the financial security you want for your retirement years. You need to save so that you'll have the assets to generate income after you stop working. Fortunately, the tax law provides important incentives to encourage your personal savings in special retirement accounts. You may be able to write off your savings (contributions) as well as qualify for special treatment when you start drawing from these savings. There are many different types of retirement plans that you may be able to use to save for your future. Contributions are subject to limits; if your income is high enough, it may bar you from contributing to some plans but not to others.
This chapter explains the tax breaks you may be entitled to ...
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