Retirement

401K

Get personal finance retirement accounts 401k economy news, advice and information from leading personal finance site GOBankingRates.com

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Roth IRA

A Roth IRA is an individual retirement account that requires you to pay taxes on money as you deposit it so you can enjoy tax-free withdrawals down the line. Decide if a Roth IRA, 401k or IRA is best for your retirement needs.

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Investing

To grow your money over time, you can’t just save it; you need to invest it. Investing requires taking on some risk, which could lead to greater reward as well as loss. Learn the basics today.

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IRA

An IRA is an individual retirement account in which you can save money while taking advantage of tax breaks. Be sure to compare IRA options with Roth IRAs and 401ks, as the differences can be subtle.

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Understanding Retirement

According to the U.S. Social Security Administration, retirement age can be anywhere between 62 to 70 years old, but most Americans work as long as they have to in order to make ends meet. When you’re thinking about your future, ask yourself what you want out of life. For some, working doesn’t sound all that bad. Others, however, dream of traveling the world, spending quality time with their children and grandchildren, or retiring early.

Contributing funds early and regularly to a Roth IRA or a 401k — especially if your company offers an employer match — is one key to securing a financially happy retirement.

When you are preparing for retirement, experts recommend that you pay down debts (including your mortgage), live below your means and limit nonessential expenses — yes, that means new golf clubs.

Retirement might feel far away, but saving now will lead to a more comfortable and financially stable future.