Looking for ways to save for retirement outside of your 401(k) or other employer-sponsored plan? You may want to consider an IRA. An IRA is a popular tool for saving for retirement in a tax-advantaged manner.
There are several different types of IRAs available, with two of the most popular being the traditional IRA and the Roth IRA. If you’ve never used an IRA before, you may be unfamiliar with how they work. You might also be unsure of which one is the right one for you. Each has its own benefits and considerations, so it’s important to weigh them carefully before making your selection.
If retirement is quickly approaching, you may have a number of big decisions on your hands. Do you work part-time in retirement or sit back and enjoy your free time? Do you stay in your home or downsize? Is now the time to finally take those vacations you’ve been putting off?
One of the biggest decisions you’ll make is when to start Social Security benefits. It’s such an important decision because it has permanent ramifications. Once you start your benefits, there’s no going back to change them.