There are so many types of retirement accounts out there… and let’s be honest, most people have no idea what any of them really mean. Whether you’re self‑employed and choosing a plan for your business or trying to learn about the one your employer offers, this episode should help.

Jac brings a list of retirement accounts she recently came across and puts Michael CFP®, EA on the spot with a rapid fire pop quiz.

Together, they walk through explanations of the most common retirement accounts people see on forms, at work, or in planning conversations and break down what they actually do, who they are for, and the basic pros and cons of each.

Topics include:

💭 What a 401k is and how employer plans work

💭 Solo 401k vs traditional employer plans

💭 403b and who typically uses them

💭 457 deferred compensation plans and early retirement access

💭 Traditional IRA vs Roth IRA

💭 Contribution limits and control differences

💭 What a backdoor Roth IRA actually means

💭 SIMPLE IRAs and when employers use them

💭 Simplified Employee Pension plans for self employed business owners

💭 Why different accounts exist in the first place

Stay curious.

𝐖𝐡𝐲 𝐰𝐞'𝐫𝐞 𝐡𝐞𝐫𝐞?

We’re here to make retirement planning feel less intimidating by helping people think through their strategies and plans through clear relatable financial topics!

💬 Questions or Want to Connect?

🌐 𝐖𝐞𝐛𝐬𝐢𝐭𝐞: www.custerfinancialadvisors.com

📧 𝐄𝐦𝐚𝐢𝐥: custerfinancialadvisors@lpl.com

00:00 Different Type of Retirement Accounts Explained

00:55 What's a 401(k)?

02:49 Solo 401ks

03:57 Understanding 403bs

04:26 What are IRAs?

05:50 What Are Roth IRAs

07:37 Diving into Backdoor Roth IRAs

10:08 What's a Simple IRA?

12:35 What is a Simplified Employee Pension (SEP IRA)?

13:32 Understanding 457 Plans and Their Benefits

14:15 What Are 457s?

16:50 Med School Loan Repayment Meeting

Disclosures:

Harborfront Financial Group is a Registered Investment Advisor registered with the Securities and Exchange Commission (SEC). Registration as an investment adviser does not imply a certain level of skill or training, and the content of this communication has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority.

The information contained in this material is intended to provide general information about Harborfront Financial Group and its services. It is not intended to offer investment advice. Investment advice will only be given after a client engages our services by executing the appropriate investment services agreement. Information regarding investment products and services are provided solely to read about our investment philosophy and our strategies. You should not rely on any information provided on our web site in making investment decisions.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Harborfront Financial Group, a Registered Investment Advisor. Harborfront Financial Group and Custer Financial Advisors are separate entities from LPL Financial.

This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing. All investing involves risk including loss of principal. No strategy assures success or protects against loss.