Tips for Retirement
A Powerful Force
The most powerful force in the universe is compound interest.” Even if Einstein didn’t actually say it, the point is still clear: start saving early. You can do it. There’s no substitute for time.
Invest aggressively in higher-risk, higher-return stocks when you’re younger and have time to ride out the volatility of the market. Gradually transition to lower-risk, lower-return investments (like bonds) as you near retirement.
If you have more to invest and want active management, a portfolio planner may be advisable. (Keep in mind the fees that come with a planner.) Otherwise, look into lifestyle or target retirement funds that shift your assets as you age, ensuring that your portfolio has the appropriate mix of investments at each stage of your life.
Because of their lower maintenance costs, online investing sites may offer higher interest rates for your cash holdings than companies with brick-and-mortar stores.
You can visit the websites of companies such as Fidelity, Vanguard, and T. Rowe Price to find numerous resources and open accounts.
Max it out
Max out your employer’s 401(k) matching contributions every single year!
Low Tax Rate and your Roth
Contribute to your Roth IRA in years when your tax rate will be relatively low.
Tax rate high and your Traditional IRA
Contribute to your Traditional IRA in years when your tax rate will be relatively high.
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