A 401(k) is an employer-sponsored retirement savings plan. Commonly offered as part of a job benefits package.
A Roth IRA is a special individual retirement account (IRA) where you pay taxes on money going into your account, and then all future withdrawals are tax free.
A retirement budget will allow you to track how much you’re spending and to spread your savings out so that you can live the lifestyle that you want.
Tailoring a retirement budget involves envisioning lifestyle needs, calculating income sources, budgeting essential and discretionary expenses, and accounting for inflation and longevity.
Investing 15% of income for retirement secures future financial stability, sustains lifestyle needs, and fosters disciplined savings habits.