How do these other workplace retirement plans compare to 401K and IRA in terms of retirement savings?

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.

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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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