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Use employer's retirement plan

Radio Transcript, 60 seconds, for use during week of Jan. 28.

This is an Invest Wisely minute brought to you by Iowa State University Extension.

A good way to save for retirement is to take advantage of retirement options through your employment. The most common plan is a defined contribution plan. Your benefit at retirement depends on the amount contributed and the returns earned by the investments in the account.

These plans are described as 401(k) plans, for employees of many private companies, or 403(b) plans for public school teachers and employees of nonprofit organizations, or 457 plans for state and municipal workers.  These plans get their names from the sections of the IRS Code that authorize them.

If you haven’t already done this, find out which plan is available to you and start using it.

Invest Wisely comes from Iowa State University Extension through a grant from the Investor Protection Trust providing investor education on the web at investorprotection.org.

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Updated January 28, 2008