Summary of Tax-Deferred Retirement Plans

Tax-deferred retirement plans can help you save for retirement and save taxes as well. Because they are tax-deferred, retirement plans allow your savings to grow faster than if the funds were invested in a taxable savings or investment account.

Furthermore, some retirement plans allow you to deduct all or part of your annual contribution to the plan from your current income so your current income taxes are lower as well. This means it takes less money to save more.

There are many types of retirement plans you can use, from simple self-directed individual retirement accounts (IRAs) to more complex corporate 401(k) and 403(b) plans. There are tax-deferred retirement plans to suit any individual or business need.

As the life expectancies of retirees continue to grow, their retirement income needs grow, too. Taking advantage of these tax-deferred investments makes it easier to meet your retirement goals.