There’s no question about it: Saving for retirement is not easy.

There are quite a few types of retirement accounts. Each has its own rules and tax benefits, although, for the most part, they tend to be similar. The amounts you can contribute, however, vary from plan to plan. The Internal Revenue Service recently announced higher limits for allowed contributions to your retirement savings. These new limits are effective January 2019, which might help some of us to save more for retirement — if we can tighten our belts a little.

These days, very few companies offer retirement pensions, leaving retirement saving almost entirely up to the employee. Many state and local governments still offer pensions, however. For the average corporate employee, most companies offer a 401(k) plan. Employees  of a public school or nonprofit corporations are usually offered a 403(b) Plan, also known as a Tax Sheltered Annuity (or TSA plan), by their employers.

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