Pension plans and defined benefits plans are becoming more scarce and 401(k) and 403(b) and other types of defined contribution plans have become the norm. In this episode, I start with a brief summary of the history behind funding retirement before I dive deeper into the most common type of retirement plans currently available to W-2 employees. There’s a good chance that you may have one, or multiple, of these accounts, so it’s a good idea to learn how to make them best work for you. Tune in to learn more about the benefits of contributing to these accounts, how you can tap into these accounts if you need money earlier than retirement and what to do when you leave or change jobs.
Here are two links mentioned in the episode that may be helpful:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-hardship-distributions
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