Retirement Savings Accounts

Retirement Savings Accounts are investment accounts designed to help individuals save for retirement. They offer tax advantages, allowing your money to grow without immediate tax penalties. Common types include 401(k)s and Individual Retirement Accounts (IRAs). Contributions may be tax-deductible, and earnings typically grow tax-deferred, meaning you won’t pay taxes on them until you withdraw funds in retirement. These accounts encourage long-term saving, ensuring you have financial security when you stop working. It's important to understand the rules and limits for contributions and withdrawals to make the most of these savings options.