Are you wondering where to invest money? Well, if you are not yet retired, it is a good idea to prepare yourself for retirement. United States citizens are being told all of the time that social security benefits will be gone by the time the current people in their 20s and 30s retire. This means that it is entirely up to these young individuals to save money themselves.
So what can you do? Well, you can put your money into a tax-advantaged account. This means that you’ll be penalized by the IRS if you try to take your money out early. This is typical of savings accounts, but this also serves as a deterrent when you have the desire to take your money out early. If not having the money when you retire isn’t a deterrent enough, this should definitely do the trick for you. So what are some other types of accounts that you can invest your money?
o An employer plan that matches your contribution – These accounts consist of 401(k)s and 403(b)s. If your employer will match you up to a certain percentage, you have to take advantage of this. It is a mistake not to.
o Annuities – Annuities can be a little tricky because they can be pricey and the insurance coverage can be a little mediocre. However, they are suitable for investors who have contributed the maximum to other retirement accounts, prefer mutual funds over individual securities, are in a tax bracket of 25% or higher, will keep the annuity for as little as 15 years but as long as 20, won’t retire before 59 ½, want a guaranteed income, and don’t mind their heirs may have to pay possible taxes.
These are a couple of the plans that you can consider for retirement. If you don’t have a plan yet, it is time to get one.
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