A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren’t paid until the money is withdrawn from the account.
An individual retirement arrangement, or IRA, (also referred to as an individual retirement account) is a type of investment account with tax benefits that can help you save for retirement.
Talking with a financial professional about all of your options can help guide you to the decisions that best suite you.
Sitting down with a financial professional to discuss where you are in the journey of life will be a deciding factor if these estate planning documents are necessary.