What types of retirement accounts are typically available?

The choice highlighting 401(k), IRA (Traditional and Roth), and pension plans accurately represents the various types of retirement accounts typically available for individuals planning for their financial future.

A 401(k) plan is an employer-sponsored retirement savings account that allows employees to deposit a portion of their paycheck before taxes are taken out, which can significantly enhance saving for retirement. Traditional and Roth IRAs (Individual Retirement Accounts) are personal retirement savings accounts that offer tax advantages, with the former deferring taxes until withdrawal and the latter providing tax-free growth and tax-free withdrawals in retirement. Pension plans, often associated with specific employers, provide a fixed, pre-established benefit for employees upon retirement, usually based on their salary and years of service.

The other options do not encompass retirement accounts. Stocks, bonds, and mutual funds are investment vehicles rather than structured retirement accounts, while checking and savings accounts are types of bank accounts used for daily transactions and liquidity rather than dedicated retirement savings. Health savings accounts and tuition savings plans serve specific purposes related to healthcare and education funding, respectively, and are not designed as retirement accounts.