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What are the different types of retirement accounts?
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1. Traditional IRA: Allows you to make pre-tax contributions up to a certain limit and allows for tax-deferred growth on your savings until you withdraw the money.
2. Roth IRA: Allows you to make post-tax contributions and allows for tax-free growth of your savings until you withdraw the money.
3. 401(k): A retirement plan offered by employers that allow employees to make pre-tax contributions to a specified retirement account.
4. SEP IRA: A retirement plan offered by employers that allows them to make tax-deductible contributions to their employees’ retirement accounts.
5. SIMPLE IRA: An employer-sponsored retirement plan that allows employees to make pre-tax contributions to their retirement accounts.
6. Annuities: An investment product that pays out a fixed amount of money over a predetermined period of time.