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401(k) vs Pension Plan: Differences and Which is Better For You
https://www.sofi.com/learn/content/pension-vs-401k/
A 401(k) plan is a retirement savings plan in which employees contribute to a tax-deferred account via paycheck deductions (and often with an employer match). A pension plan is a different kind of retirement savings plan in which a company sets money aside to give to future retirees. Over the past few decades, defined-contribution plans […]
Roth IRA Conversion: Rules and Examples
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A Roth IRA is a retirement savings account that offers tax-free withdrawals during retirement. You can convert a traditional IRA or a qualified distribution from a previous employer-sponsored plan, such as a 401(k), into a Roth IRA. This is known as a Roth IRA conversion. A Roth IRA conversion may be worth considering for the […]
IRA vs 401(k): What Is the Difference?
https://www.sofi.com/learn/content/ira-vs-401k-which-is-best-for-you/
Table of Contents How Are IRAs and 401(k)s Different? Other Key Differences Between IRAs and 401(k)s A Closer Look at IRAs A Closer Look at a 401(k) When Should You Use a 401(k)? When Should You Use an IRA? When Should You Use Both an IRA and 401(k)? The biggest difference between an IRA vs. […]
Individual Retirement Account (IRA) vs Thrift Savings Plan (TSP)
https://www.sofi.com/learn/content/tsp-vs-ira/
Although an IRA and a TSP are both types of retirement accounts, they are governed by different sets of rules, starting with the fact that anyone with earned income can open an IRA, but only employees of the U.S. government or the armed forces can fund a thrift savings plan. A TSP effectively functions more […]
Roth 401(k) vs Traditional 401(k): Which Is Best for You?
https://www.sofi.com/learn/content/roth-401k-vs-traditional-401k/
A traditional 401(k) and a Roth 401(k) are tax-advantaged retirement plans that can help you save for retirement. While both types of accounts follow similar rules — they have the same contribution limits, for example — the impact of a Roth 401(k) vs. traditional 401(k) on your tax situation, now and in the future, may […]