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KYM
Know Your Money

Retirement Planning

Build a secure retirement with 401(k)s, IRAs, and long-term investment strategies that grow over time.

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401(k) Basics
Employer-sponsored retirement accounts with tax advantages.
  • Pre-tax contributions reduce current taxable income
  • Many employers offer matching contributions
  • 2024 contribution limit: $23,000 ($30,500 if 50+)
  • Vesting schedules determine when you own employer match
IRA vs Roth IRA
Individual retirement accounts with different tax treatments.
  • Traditional IRA: Tax-deductible contributions, taxed in retirement
  • Roth IRA: After-tax contributions, tax-free in retirement
  • 2024 contribution limit: $7,000 ($8,000 if 50+)
  • Income limits apply for Roth IRA eligibility
Investment Strategy
Long-term approaches to grow your retirement savings.
  • Diversify across asset classes and geographies
  • Consider target-date funds for automatic rebalancing
  • Reduce risk as you approach retirement
  • Don't panic during market downturns
Social Security
Understanding your Social Security benefits and timing.
  • Full retirement age varies by birth year (66-67)
  • Benefits increase 8% per year if delayed until 70
  • Early claiming at 62 reduces benefits permanently
  • Spousal and survivor benefits may be available