human
I need help finding information on different types of retirement accounts and the tax implications of each.
assistant
There are several types of retirement accounts available to help you save for your retirement, such as 401(k) plans, traditional IRAs, Roth IRAs, and more. Each one of these accounts has its own set of tax implications. Generally, 401(k) plans, traditional IRAs, and Roth IRAs are all tax-deferred, meaning you will pay taxes on the money when you make withdrawals from the account. However, contributions to Roth IRAs and withdrawals from them are not taxed. Other types of retirement accounts, such as SEP IRAs and SIMPLE IRAs, may feature different tax treatments. It's important to research the tax implications of each type of retirement account thoroughly before you decide which one to use.