Planning For Your Future: Retirement Accounts

Written By Alla Levin
May 12, 2020

Planning For Your Future: Retirement Accounts

Planning for the future is essential.

The money you earn isn’t just to help you live and survive now; it also needs to be able to help you in the future when you retire.

Planning for your retirement isn’t just about thinking about what you will do when it arrives; it also involves making goals and working out how you will afford everything financially.

One way to ensure that you are contributing to your future is to set up a retirement account.

Retirement accounts allow you to save for the future, while also watching your investment grow.

Some retirement accounts are offered through your employer.

These employer-sponsored retirement accounts can be great because your employer will sometimes match the contributions that you make, so you will be getting free money for when you retire.

The contribution also gets taken out of your wage, so you don’t need to worry about paying it.

There are other retirement accounts that you can get yourself.

An individual retirement account (IRA) is great for people who are self-employed or don’t get offered employer-sponsored retirement accounts.

They are also great for people who want to supplement their government-sponsored accounts so that they are sure they will have enough money to have a comfortable retirement.

There are two different main types of IRA; Roth and Traditional.

The infographic below highlights clearly the difference between the two.

They both have advantages and disadvantages, but it is important that you choose the one that will work best for you.

Check it out below.

Infographic Design By Accuplan Benefits Services

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