Whether you’re planning to retire in a couple years or a couple decades, one of the plans you should consider right now is anIndividual Retirement Account (IRA). For many retirement savers, a Discover®IRA Certificate of Deposit (CD) or DiscoverIRA Savings Accountmay be the right solution...
401(k) plans and IRAs are not mutually exclusive and if you have the income and access to contribute to both, you can reap both their benefits. Contributing as much as you're eligible to (or you can manage) could maximize the tax advantages and opportunity for growth in your retirement s...
Defined Benefit Plans Also known as a pension, this used to be a popular type of retirement plan. But it has largely given way to the more employer-friendly 401(k). A defined benefit plan is an employer-sponsored retirement plan. It differs from a 401(k) in that it includes a guarante...
Saving money for retirement in an IRA can help workers enjoy a secure financial future while also taking advantage of tax benefits. And for those who already have 401(k) plans through their employers, opening an IRA can serve as an additional place to save even more money for retirement. ...
Learn about non-qualified retirement plans and their different types. Find out about the differences between qualified and non-qualified retirement...
Types of IRAs How to open an IRA IRA contribution limits Comparing IRA options Is it better to have a 401(k) or an IRA? An IRA is a tax-advantaged investment account that you can use to save for retirement. Technically, IRA stands for Individual Retirement Arrangement, but the ...
Check the IRS’s website for more information on the ADP and ACP tests. Safe harbor 401(k) plans A safe harbor 401(k) plan is a special type of retirement plan that automatically passes the nondiscrimination test. This means that you don’t have to pass an ADP and ACP test each ...
To learn more, check out these resources from the IRS about 403(b)s. Pension Pensions are not technically an account, but they are another way people save for retirement. Although far less common than during their peak in the 1970s, pension plans are still offered by some employers and un...
The acronym "IRA" is used to refer to two distinct but overlapping concepts. For the Internal Revenue Service, the term stands for "individual retirement arrangement," a selection of plans available that provide tax advantages to people saving for retirement.21 In common usage, IRA also stands ...
The acronym "IRA" is used to refer to two distinct but overlapping concepts. For the Internal Revenue Service, the term stands for "individual retirement arrangement," a selection of plans available that provide tax advantages to people saving for retirement.22 In common usage, IRA also stands ...