Sentences with phrase «possible types of retirement accounts»
The average 401k balance differs from average retirement savings overall, since a 401k is just one of many different possible types of retirement accounts.
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There are several tax benefits of retirement planning, including reducing the amount of income taxes you will pay during retirement and ensuring that beneficiaries to retirement and other account types pay as little tax as possible.
The Roth IRA is a special type of retirement account that makes it possible to avoid taxation on investment returns because you invest with money that you have already paid taxes on in the present.