Let's delve into the world of retirement planning and explore the difference between Defined Contribution and Defined Benefit plans. These types of plans are widely used, with the most common being 401(k), Profit Sharing, and Pension plans. However, there are other options such as SEP, Keogh, and SIMPLE plans that may suit your individual needs. Understanding the nuances of these plans is crucial for making informed decisions about your financial future.
