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Common types of retirement accounts in the :
1.United States include 401(k),
2.Individual Retirement Accounts (IRAs),
3.Roth IRAs, Simplified Employee Pension (SEP) IRAs, and Thrift Savings Plan (TSP) for federal employees.
Some common types of retirement accounts available in the United States include:
401(k) Plans: Employer-sponsored retirement plans that allow employees to contribute a portion of their pre-tax income to a retirement account. Employers may also offer matching contributions up to a certain percentage.
Individual Retirement Accounts (IRAs): Personal retirement accounts that individuals can open and contribute to independently of their employer. Traditional IRAs offer tax-deferred growth, while Roth IRAs provide tax-free withdrawals in retirement.
Roth 401(k) Plans: Similar to traditional 401(k) plans, but contributions are made with after-tax dollars. Withdrawals in retirement are tax-free, including earnings, if certain conditions are met.
Simplified Employee Pension (SEP) IRA: A retirement plan for self-employed individuals and small businesses, allowing for tax-deductible contributions and flexible contribution limits.
SIMPLE IRA: Savings Incentive Match Plan for Employees Individual Retirement Account, designed for small businesses with fewer than 100 employees. Employers can make contributions on behalf of employees, who can also contribute to their accounts.