Saving for retirement is one of the first things people do when they get their first job. There are many options for saving your money and you should be aware of what they are when you outline your retirement plan.
One of the most common options is the IRA (individual retirement account). The tips in this section can help you understand the different kinds of IRAs that are available and what you need to do to get one started.
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Different Kinds of IRAs
There are eleven different kinds of Individual Retirement Accounts (IRAs). They include IRAs for individuals and groups, for-profit and non-profit employees. There are also Educational IRAs, including 529 plans and pre-paid tuition plans, which are used to save for college expenses. With a little research you can find the IRA that is right for you.
Saving Money for Retirement
Saving money for retirement should be the goal of everyone, though unfortunately not everyone takes the opportunity to do so. Here are some methods that you can use to help you begin the process, no matter what your current financial situation is.
Starting an IRA
An Individual Retirement Account is a great way to invest for retirement and reduce the amount of taxes you owe. It is also very simple to open an IRA. Most brokerages do not demand a minimum amount to open an IRA and it is usually a very easy process to roll over old 401k accounts into a new IRA. There are also Education IRA accounts that can be opened for children or adults to pay for educational expenses.