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What Is An IRA, and Which One Is Right For You?

   Posted On: January 15, 2014  |    Posted In: Millennials  |     Posted by: Broke Millennial®

When college graduretirementates hit the workforce, they’re faced with piles of paperwork and life-altering decisions about major financial issues. Insurance, debt repayment and savings accounts all seem far more pressing than retirement.

But they couldn’t be more wrong.

Today is the day for the young to start concerning themselves with retirement planning. Unfortunately, the easy option of a 401(k) isn’t always available — particularly to freelancers and the self-employed.

For those without access to a 401(k), or those just interested in expanding their retirement investments, the simple solution is an IRA.

What Is an IRA?

According to IRS.gov, “IRAs allow you to make tax-deferred investments to provide financial security when you retire.”

Thanks, IRS! That really clears it up for us.

Find the rest of this post on DailyFinance!

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One response to “What Is An IRA, and Which One Is Right For You?

  1. IRAs should be used early and often. Getting into a habit of saving money especially for retirement is one of the best actions new employees can take. Even better, if the company has a 401(k) plan make a contribution that insures the maximum employer match. The power of compounding can make modest investments into a pot of gold in the end.

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