Which type of retirement plan allows employees to contribute to their own retirement? A. Nonqualified retirement plan B. Defined contribution plan C. Defined benefit plan D. Tax-deferred plan

A defined contribution plan is the rockstar of retirement savings where employees get to take the driver's seat! In this plan, both employees and sometimes employers can contribute a certain percentage of salary, with the final retirement benefits dependent on how well those investments perform. Think of it as building your own treasure chest for the future, where your contributions and their growth determine how shiny that chest will become when you retire! Now, let’s throw some love toward 401(k) plans, which are a popular choice in the defined contribution arena. They're like the Swiss Army knife of retirement savings, offering tax advantages, employer matches, and a variety of investment options! The earlier you start contributing, the more those investments can grow and compound, so it’s a fab idea to start as soon as you can!