![Types Brief Description Pros Cons Traditional IRA Tax deferred account specifically designed for individuals retirement savings Contributions are tax deductible Distributions are taxable: distributions before 59 ½ are subject to 10% Roth IRA ,[object Object],Distributions are non- taxable Heavy penalty for early withdrawal (before 5 yrs). Contributions are non deductible 401 (K) tax deferred Market driven Contributions to saving are tax deductible Contributions are not insured Profit Sharing employees can claim their contributions Employees benefit from the profitability of the company Difficult restrictions when wanting to take out money Defined Benefit Company is in charge of making contributions Employees get to select size of benefits Not be able to choose the individual investments that you put your money into. ESOP’s ,[object Object],Employees benefit from the profitability of the company Money placed in these accounts grows on a federally tax-free basis until withdrawn 403(b) Plans A retirement plan offered by non profit organizations Tax deductible Low interest 457 Plans Retirement plan for government employees Money grows on a federally tax-free basis until withdrawn Taxed as income](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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- 1. Retirement Plans Sarah Obaidee Zara Grigorian