A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- SEP-IRAA retirement plan for self-employed people and small business owners that allows larger contributions than a standard IRA.
- Traditional IRAA retirement account where you often deduct contributions now and pay taxes later when you withdraw the money.
- Employer MatchMoney your company adds to your retirement account based on how much you contribute, effectively free money toward your savings.
- Contribution LimitThe maximum amount the government lets you put into a retirement account in a single year.
- 401(k)A retirement account through your job, often with an employer match — free money for saving.
- Solo 401(k)A 401(k) plan built for self-employed individuals with no employees, letting you contribute as both worker and employer.
More in Retirement
Plain-English education — not personalized legal, tax, or investment advice.