I would like to begin (or increase) my savings for retirement. What types of retirement plans (401ks, IRAs?

ect.) might be best for my personal situation? Could someone explain the plan that is more important and why this plan is best for me.

Public Comments

1. 401k's are usually the best, if your employer adds matching fund. Deposits are subtracted from taxable income, but are taxed when you withdraw funds. A Roth IRA requires taxed deposits, but has no tax on withdrawals of principal or interest.
2. IRAs there are two... you can add up to 4,000 for each a year. Regular IRA is deducted from your income, keeping your taxes lower. You cannot remove the money until after age 59. Then, you pay taxes on money you invested and the earning. Roth is the opposite, you dont get a tax deduction. But, when you start to withdraw the money you owe no taxes. Also, with the Roth you can withdraw your contributions without penalty - but you cannot touch the earnings. 401k - usually through employers. Much like the regular IRA. you can put in money before taxes. So you yearly tax bill is lowered. You pay taxes after you retire. You can put up 15500 a year in a 401k. Many employers that offer them have a matching benefit. They will match up to xyz amount of your contributions. 403-b pension. If you work for a public employer this is your pension plan. The amount put in is predetermined. You are enrolled automatically. If you max out the amount put into one of the accounts above and you still can afford to, you should invest in mutual funds, individual stocks, bonds and CDs.
3. To answer that, we would need to know "your situation." In general, if your employer offers a 401(k) or similar plan, participate and max it out. Beyond that, you can start a Roth IRA as long as your income is within IRA limits. If you don't have access to a 401(k) plan, consider starting a conventional IRA. See: www.401k.org www.ira.com www.investopedia.com money.aol.com
4. Retirement planning is some thing that everybody should be thinking about. It shouldn’t be something left to the last minute, because it is a time for enjoyment, if you plan for it you will be singing while you friends around you are complaining. To help with retirement planning will need some sort of planning material or to consult a retirement planning agency. One of the most simple retirement planning materials is made by Microsoft, in the form of retirement planning excel spread sheets. Check out: http://www.insightempire.com/Retirementplanningexcel/ I'm sure it'll be of benefit to you.