Which of the following is a common type of retirement account?

The 401(k) is a common type of retirement account designed to help individuals save for their retirement in a tax-advantaged manner. It allows employees to contribute a portion of their salary before taxes are taken out, which can significantly reduce their taxable income for that year. Many employers also offer matching contributions, providing an incentive for employees to save more for retirement. The funds in a 401(k) are typically invested in a variety of investment options, such as stocks, bonds, and mutual funds, and ideally grow over time, compounding interest and investment returns until the individual retires.

In contrast, the other options serve different purposes. A Health Savings Account (HSA) is primarily for medical expenses and is not designed for retirement savings, although unused funds can roll over from year to year. A checking account is a type of deposit account used for daily transactions and does not provide the tax benefits associated with retirement savings. A mortgage account is related to borrowing for real estate purchases and is not a retirement savings vehicle. Understanding the distinct purposes of these accounts is essential for effective personal financial planning.