start planning for your retirement
In general, the best retirement accounts provide tax advantages, and, if available, an additional savings incentive, such as matching contributions. That's why a 401(k) with an employer match or a 403(b) is the best place to start for many people looking to save for retirement.
What's a 401(k)?
A 401(k) is a sponsored savings account offered by American employers. Employees can contribute income and employers may match the contribution up to dollar limits set by the Internal Revenue Service (IRS). Employees can make penalty-free withdrawals usually after the age of 59½.
Click the button below to see what your contribution could look like.
why use these calculators?
As people live longer and want to thrive during retirement, retirees need more income for a longer period of time. As such, it is important to have realistic expectations about the required size of a retirement portfolio.
Once you know how much your retirement account is going to hold and how much you'll need to maintain your desired lifestyle, it will be possible to plan how to make up for the difference by increasing your contribution or by looking into adding other retirement accounts.
What's a 403(b)?
403(b) plan (also called tax-sheltered annuity or TSA plan) is a retirement account offered by public schools, non-profit hospitals, religious organizations, and 501(c)(3) tax-exempt organizations. Employees may include those of tax-exempt organizations, public school employees involved in day-to-day operations, co-op hospital service organizations, faculty and staff of the Uniformed Services University of the Health Sciences (USUHS), and certain ministers.
Click the button below to see what your contribution could look like.