February 2020
Beginner
352 pages
9h 12m
English
Content preview from Retirement Planning For Dummies
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Chapter 4
Choosing the Right Account
IN THIS CHAPTER
Understanding the types of retirement accounts
Comparing the pros and cons of retirement accounts
Finding options for the self-employed
Questions are likely filling your head. “Where do I start?” “What’s a 401(k) or individual retirement account (IRA) anyway?” “What is the difference between a Roth IRA and a traditional ORA?” “Which one is better?” “What’s tax deferral and why does it matter?” “I’m self-employed, what retirement plans can I use?”
If you have questions like these, you’ve come to the right chapter. Here I show you the different types of retirement accounts along with their advantages and disadvantages. Choosing the right retirement account can help you reach your goals more quickly.
Retirement Planning in a Nutshell
All the retirement-planning mumbo-jumbo you hear is due to one word: taxes. In a world with no taxes (we can only dream), you wouldn’t need a 401(k), Roth IRA, or any other special retirement account with a funny name. You’d just put money in a brokerage account, accumulate enough to pay for your run rate (how much you spend), retire, and withdraw money as you need it.
But alas, we live in a world ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.