The ability to have a financially secure retirement depends in large part on savings through qualified retirement plans and IRAs. Social Security benefits and personal savings outside of tax-advantaged plans typically are insufficient to provide a comfortable retirement. The tax law offers tax breaks that encourage savings through these special plans. The following covers the tax-advantaged plan options for individuals to consider, and special issues or concerns for each.
Retirement Plan Options
Employees may be offered the opportunity to participate in an employer’s qualified retirement plan. The following are the most common plans covered by the Employee Retirement Income Security Act of 1974 (ERISA). All of these plans offer complete asset protection, which means that creditors cannot obtain the assets of individuals in these plans.
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