https://padlet.com/04thummer/estkm51buypzslry en-us 2021-01-12 21:18:19 UTC 2021-01-12 21:44:27 UTC hello@padlet.com 04thummer https://padlet.com/04thummer/estkm51buypzslry/wish/1080822534 A retirement savings plan offered by your employer that whatever you put in they will match a certain percent. of it]]> 2021-01-12 21:25:21 UTC https://padlet.com/04thummer/estkm51buypzslry/wish/1080822534 04thummer https://padlet.com/04thummer/estkm51buypzslry/wish/1080827943 Pros: Whatever money you invest into the account can be matched by your employer and anybody can make a 401k no matter your income.
Cons: When getting a new job, you may have to wait to get a 401k and there is a minimum and maximum age to withdraw money.]]> 2021-01-12 21:27:14 UTC https://padlet.com/04thummer/estkm51buypzslry/wish/1080827943 04thummer https://padlet.com/04thummer/estkm51buypzslry/wish/1080844878 A retirement account that you set up yourself in which the money is taxed when you put it in.]]> 2021-01-12 21:33:23 UTC https://padlet.com/04thummer/estkm51buypzslry/wish/1080844878 04thummer https://padlet.com/04thummer/estkm51buypzslry/wish/1080848861 Pros: Since the money is taxed when it is entered, the money can grow tax free. After becoming 59 1/2 there is no restriction or maximum age you can save to.
Cons: The contribution limit is much lower than a 401k and you may not be able to open one depending on your income.]]> 2021-01-12 21:34:57 UTC https://padlet.com/04thummer/estkm51buypzslry/wish/1080848861 04thummer https://padlet.com/04thummer/estkm51buypzslry/wish/1080864776 If I could only have 1 right now, then I would pick a Roth IRA. I picked that because a high schooler doesn't make that much so the contribution limit isn't a problem and my employer might not even offer a 401k. Also, the money in a Roth IRA is much more flexible than a 401k which might be needed for emergencies.]]> 2021-01-12 21:41:10 UTC https://padlet.com/04thummer/estkm51buypzslry/wish/1080864776