401K and IRA contributions significantly impact retirement savings. They are both types of retirement accounts that allow you to contribute pre-tax dollars, which can grow tax-deferred until retirement. This means that the money you put into these accounts is not taxed until you withdraw it in retirement, allowing your savings to grow more quickly. Additionally, many employers offer matching contributions to 401K plans, which can further boost your retirement savings. It's important to note that there are annual contribution limits for these accounts, and withdrawals before retirement age can result in penalties.

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The comparison of other workplace retirement plans to 401K and IRA in terms of retirement savings depends on various factors such as the contribution limits, tax benefits, employer match, and withdrawal rules. Some plans may allow higher contributions, while others may offer better tax advantages. It's important to understand the specifics of each plan to make an informed decision.

Some other workplace retirement plans apart from 401K and IRA include 403(b) plans for nonprofit employees, 457(b) plans for government employees, SEP IRA for small business owners and self-employed individuals, and SIMPLE IRA for small businesses.

The Retirement Calculator can help in avoiding the consequences of poor retirement planning by providing a systematic approach to plan your retirement. It allows you to factor in details about various accounts and workplace retirement plans, such as 401K and IRA contributions. This tool enables you to track how your retirement savings grow or shrink each month, and gives you a precise view of the exact month and year when your retirement savings could run out. This information can be valuable for making changes today that can positively impact your future.

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