Employee Retirement Plans

Employee retirement plans are savings programs set up by employers to help workers save for their retirement. These plans allow employees to contribute a portion of their salary, often with the employer matching some of that contribution. The most common types include 401(k) plans and pension plans. Contributions are typically tax-deferred, meaning taxes are paid upon withdrawal during retirement. These plans are designed to ensure that employees have sufficient funds to maintain their lifestyle when they stop working. Investing in these plans is a key strategy for long-term financial security in retirement.