Planning your retirement ahead of time is important if you want to live a comfortable life later on. It is not an easy process, and you must have prior knowledge of different retirement plans to be successful. Understanding these plans is important before you select the one that suits you best. Government employees usually receive pensions after their retirement, but they also have 401(k) plans available. Those who are not eligible for 401(k) plans can create retirement plans for themselves under the IRA and save money for the future.