Retirement planning for Americans has changed drastically over the past few decades. In previous generations, many employees could count on retiring with generous defined benefit (or DB) pension plans. These plans were funded primarily by employers and guaranteed a certain amount of income during retirement.
But today, the bulk of responsibility for retirement saving has shifted to employees themselves. Defined contribution (or DC) plans have replaced DB plans at most companies. DC plans are funded mainly by employee contributions. While employers may choose to match these contributions, they may not be required to, depending on the type of plan.
The good news is that the federal government is doing its part to encourage retirement saving by offering generous tax breaks — to both employers that offer qualified DC plans and employees who participate in them. In this comprehensive Retirement Plan Guide, we provide an overview and in-depth description of all of the different qualified retirement plans available today. If you have questions about any of these retirement plans, or would like help in setting up a retirement plan for yourself and/or your spouse or other family member, please feel free to contact David Lerner Associates at 1-800- 367-3000.
We have broken retirement planning down into three sections:
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