retirement accounts

Retirement accounts are specialized savings vehicles designed to help individuals save for their retirement. They often come with tax advantages, allowing contributions to be tax-deductible or enabling tax-free growth until withdrawal. Common types include 401(k)s, offered by employers, and IRAs (Individual Retirement Accounts), which individuals can open independently. Contributions are typically made regularly, and funds can be invested in stocks, bonds, or mutual funds to grow over time. The idea is to accumulate enough savings to support oneself financially after leaving the workforce, ensuring a comfortable and secure retirement.