https://padlet.com/04jramirez1/8usfgckmjejz9qgf Made by Julian Ramirez : Block 1 en-us 2021-01-11 14:24:46 UTC 2021-01-12 03:03:11 UTC hello@padlet.com 04jramirez1 https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076671333 A 401k is a type of retirement plan that is given to you by your job employer. 

]]> 2021-01-12 00:53:17 UTC https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076671333 04jramirez1 https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076787172 some advantages that come with a 401k is that the money that goes into your 401k  is pre taxed money. 
Another advantage is that your employer may match how much money you put into your 401k. That means your employer what put money into your retirement if you are putting money into it as well.]]> 2021-01-12 02:00:46 UTC https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076787172 04jramirez1 https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076801296 There are penalty that you can face with withdrawing money or keeping in the 401k for too long. If you take money out before you are 59 1/2, you can face some fees for taking money out or if you don't start taking money out by the age of 70 1/2 you can start getting fees as well. 
Another disadvantage to a 401k is that there is a waiting period. If you start working at a new company, there could be a pretty long wait until you can start using a 401k. ]]> 2021-01-12 02:10:06 UTC https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076801296 04jramirez1 https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076806631 ROTH IRA is also a type of retirement plan. The difference is that you as an individual are allowed to open up this account. ]]> 2021-01-12 02:13:33 UTC https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076806631 04jramirez1 https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076824220 Your money will grow tax free. Unlike 401k, when putting money  into ROTH IRA, you are taxed, but the good part about it is that when you take the money out after 59 1/2 years old, you can take all the money out tax free. 
Another advantage is that there is less personality then a 401k. The only personality to a ROTH IRA is if you take money out before the age of 59 1/2 just like the 401k.]]> 2021-01-12 02:25:36 UTC https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076824220 04jramirez1 https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076836593 Some disadvantages to a ROTH IRA is that there is income limits. You can only put up money in a ROTH IRA if you make less then $193,000 if you are single. You are not allowed to go past this limit unless you are married and are filing two people.
Another disadvantage is there is a yearly limit to the amount you can put in. You can not put in more then $6,000 a year.]]> 2021-01-12 02:34:10 UTC https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076836593 04jramirez1 https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076876182 If I was able to pick between the two options, I would the pick the 401k . The reason I would pick the 401k is because I see my self working with a company for lots of my life and so hopefully the company does employer contributions and in the end a 401k will be more beneficial to me then a ROTH IRA> ]]> 2021-01-12 02:59:33 UTC https://padlet.com/04jramirez1/8usfgckmjejz9qgf/wish/1076876182