An individual retirement account (IRA) allows individuals to save money for retirement while reducing their taxable income. Like 401(k)s, IRAs can be either traditional (tax-deferred) or Roth (after-tax). However, they have contribution limits (much lower than 401(k)s), penalties for early withdrawal, and required minimum distributions.

529s are tax-advantaged savings plans to help pay for education. They can be opened by anyone and must be assigned a beneficiary. 529s are run by the states so their rules on tax advantages differ by region. However, in all cases, the money grows on a tax-deferred basis, and as long as it's used for qualified education expenses, future withdrawals aren't subject to either state or federal taxes. As with most other long-term savings plans, non-qualified withdrawals are subject to penalty.

Families can use a tax-preferred 529 savings account to save for future education costs. There are two types of 529 plans: prepaid tuition plans and education savings plans. Through the College SaveUp program, employers can provide a benefit that helps employees contribute more to their education savings accounts.

By contributing to employee student loans, employers can help their teams pay down their student loan debt faster and improve workforce engagement. Through this benefit, employers can help employees pay down debt faster, which can relieve stress and support overall financial wellness.

An emergency savings fund is an accessible safety net of cash or other liquid assets to use towards emergency expenses. Not only does it provide security for unexpected financial dilemmas, but it reduces the need to draw from a high-interest debt option like a credit card, or tap into a long-term investment like a retirement fund. Experts often recommend having three to six months' worth of expenses for times of need.