10 Retirement Saving Tools

Q. I plan to retire in 10 years.  What retirement saving tools I should consider?

A. Below is a list of 9 retirement saving tools, some are available for everyone, some has some limitations.

401(k)

1. 401(k) or 403(b): this is the most common one
2. Solo 401(k): this is for someone with a side business.

IRA

1. SEP IRA: for self employed or small business owner
2. Simple IRA: for small business owners
3. IRA: your contribution maybe tax deductible, depending on your income
4. Roth IRA: after tax contribution, subject to income limitation

Life Insurance

1. Universal Life Insurance: flexible premium
2. Whole Life: fixed premium

Annuity

1. Fixed annuity: return is fixed with guarantees
2. Variable annuity: variable return