Build your retirement nest egg with an individual retirement account. There are tax advantages of Roth, Traditional, SIMPLE and SEP IRAs.
We need to talk about retirement. And yes, we know it's the last thing you want to think about right now, but while you have time on your side, you could benefit from getting started now. Here's the truth: By the time Gen Y is set to retire, your nest egg will need to be anywhere from $1.8 to $2.5 million.
That's a lot of cash, right? Well, it's time to get started. An Individual Retirement Account (IRA) is a type of savings account designed to help you save for retirement while offering a variety of tax advantages.
The two most common are traditional and Roth IRAs. Let's explore each in further detail to help you better understand their nuances:
There are a few other types of IRAs we haven't covered yet. Savings Incentive Match Plan for Employees (SIMPLE) IRAs and Simplified Employee Pension (SEP) IRAs are less common, but are worth a look by the entrepreneur:
Retirement planning isn’t a set-it-and-forget-it proposition. Your plans take thoughtful care and the help of professionals.
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