9 Secrets to a Million Dollar Retirement (Page 8 of 10)
Categories: Invest Wisely Retirement Center
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Retirement Planning Secret #7:
Take Full Advantage of Tax-Free and Tax-Deferred Savings Plans
This one’s fairly easy because it just makes so much darned good sense. We’re talking, of course, about a 401k and IRA.
First, you should invest the maximum allowable contribution to either a Roth or a traditional IRA. (That amounts to $5,000 in 2008 and if you’re over 50, you can contribute an extra $1,000 a year from 2007 to 2010.)
As for a 401k, if your employer is matching your contributions dollar for dollar (or, heck, even 50 cents on your dollar!), why wouldn’t you take advantage of that? That’s FREE money, gang! Don’t miss one penny of it!
Find out more about retirement planning and the money-saving benefits of IRAs and 401ks in these Dolans.com articles:
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