When college graduates 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.
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