Annual employee contribution limit (2021): $19,500.You can typically invest in mutual funds with these plans. The employer must set up the plan, but employees can contribute to it. 401(k): Employee matching and catch-upĪ 401(k) is an employer-sponsored retirement plan for people that work at for-profit companies. Here's a guide to the various types of retirement accounts you might use and how each one fits into your taxes. This might mean you maintain several different types of retirement accounts over your lifetime and contribute to different or multiple accounts each year. The retirement option you choose to invest in should be the one that fits your financial situation best. This could be a 401(k) if you work for a company that offers retirement benefits, or a Simplified Employee Pension (SEP) IRA if you're self-employed and want to save for the future. You may have access to different retirement account types over your career.
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