https://www.thrivent.com/save-for-retirement-old Plan for retirement en-US Tue, 17 Dec 2024 23:08:44 GMT https://www.thrivent.com/insights/retirement-basics/are-401k-contributions-tax-deductible Participating in your employer's 401(k) plan is one of the best ways to save for retirement. But you may wonder: Are 401(k) contributions tax deductible? Not exactly. However, whether you contribute to a traditional or Roth 401(k) makes a big difference. Because contributions to a traditional 401(k) are deducted pre-tax from your salary, they ultimately reduce your taxable income. Meanwhile, contributions to a Roth 401(k) are made with after-tax dollars, so you don't get an immediate tax advantage. Let's break it down. Tue, 17 Dec 2024 23:08:44 GMT https://www.thrivent.com/insights/retirement-basics/are-401k-contributions-tax-deductible https://www.thrivent.com/insights/retirement-basics/what-are-the-differences-in-tax-qualified-retirement-plans-and-non-tax-qualified-retirement-plans When you're reviewing your retirement plan options, you may come across language that calls certain ones "qualified" or "nonqualified." While many people casually use these terms to refer to retirement vehicles that are either tax-deferred or not, they're rooted in IRS tax criteria and apply specifically to how employer-sponsored plans operate. Qualified plans can have certain tax advantages for their participants that nonqualified plans provided by employers don't. Tue, 30 Jul 2024 18:13:48 GMT https://www.thrivent.com/insights/retirement-basics/what-are-the-differences-in-tax-qualified-retirement-plans-and-non-tax-qualified-retirement-plans https://www.thrivent.com/insights/retirement-basics/what-is-a-thrift-savings-plan Many private sector employers offer 401(k) retirement plans to their employees. But if you work in the public sector, you may wonder what equivalent options you have to financially prepare for your future. For federal government employees or for those who serve in the armed forces (either active duty or reserves), one answer is a Thrift Savings Plan (TSP). Wed, 03 Jan 2024 20:41:14 GMT https://www.thrivent.com/insights/retirement-basics/what-is-a-thrift-savings-plan