516.933.7313Bob Nevitt, CPA/PFS |  |
Retirement is the beginning of another milestone in your life. You have worked hard to get to the point when you don’t have to worry about achieving targets or meeting deadlines anymore. You can relax and indulge in all those hobbies for which you didn’t get time before.
To enjoy a relaxed and tension-free lifestyle after retirement, you need to plan it from before. Ideally, most people go for a 401k plan and sometimes it is set up by the company they are employed in. There are other traditional qualified plans too such as IRA, SEP, SIMPLE IRA. However, it is best to opt for Roth IRA because it has a lot of benefits as compared to its counterparts.
How to make sure you are well taken care of post-retirement? The commonly used retirement plan is usually 401k that is sometimes set up by employers for their company personnel. However, for self-employed people, and for those who don’t have a 401k plan, there are two other options available as the primary retirement account – Individual Retirement Accounts (IRAs) and Roth Individual Retirement Accounts (Roth IRAs).
What are IRAs and Roth IRAs?
