Planning for retirement is one of the smartest financial moves you can make, and your employer may already be helping you do it! Here’s a quick breakdown of common employer-sponsored retirement plans:
🔹 401(k) & 403(b) – Traditional retirement plans where employees contribute pre-tax dollars, often with an employer match. 401(k)s are for private sector workers, while 403(b)s are for non-profits and public sector employees.
🔹 Roth 401(k) – Contributions are made with after-tax dollars, meaning your withdrawals in retirement are tax-free!
🔹 SIMPLE IRA – Ideal for small businesses, this plan allows both employers and employees to contribute, but with lower contribution limits than a 401(k).
🔹 SEP IRA – Designed for self-employed individuals and small business owners, this plan allows high contribution limits but only employers can contribute.
🔹 Pension Plans – Becoming rarer, but some employers still offer these defined benefit plans, guaranteeing a fixed income in retirement.
Not sure which plan fits your financial future? Let’s chat! I’d love to help you navigate your retirement savings strategy.
See thrivent.com/social for important disclosures.
