What are the different types of retirement savings vehicles, such as individual retirement accounts (IRAs), 401(k) plans, and pensions?

There are several types of retirement savings vehicles available to individuals, including:

Individual Retirement Accounts (IRAs): These are taxadvantaged retirement savings accounts that can be opened by individuals through financial institutions or brokerage firms. There are two types of IRAs: Traditional IRA and Roth IRA.

401(k) plans: These are employersponsored retirement savings plans that allow employees to contribute pretax dollars from their salary towards their retirement savings. Many employers also offer a matching contribution.

Pension plans: These are employersponsored retirement plans that provide a guaranteed income stream to employees in retirement. Pension plans are becoming less common, and many employers have shifted towards defined contribution plans, such as 401(k)s.

Simplified Employee Pension (SEP) plans: These are taxadvantaged retirement plans for selfemployed individuals and small business owners. SEP plans allow for contributions to be made on a taxdeferred basis.

Solo 401(k) plans: These are 401(k) plans for selfemployed individuals, which allow for higher contribution limits than traditional 401(k) plans.

403(b) plans: These are similar to 401(k) plans, but are offered to employees of nonprofit organizations, such as schools and hospitals.

Annuities: These are insurance products that can provide a guaranteed income stream in retirement. Annuities are typically purchased through insurance companies and come in many different types.

It's important to understand the features and benefits of each retirement savings vehicle and determine which ones are best suited for your individual needs and goals.