We all have a number of goals in life that we want to accomplish and saving for retirement is a priority for everyone. During our working years, we are trying to produce income and accumulate wealth. We grow our businesses and advance our careers. Asset purchases like homes and cars are made. We save for our children’s college expenses.
And many of us defer a percentage of our paychecks into 401k’s and other retirement plans every couple of weeks. But should you contribute to a Roth or a Traditional IRA? How much should you be saving for retirement?
Retirement seems like the one financial goal that we are always saving for until….well retirement. Most experts will tell you that you should start saving for retirement once you start receiving your first paycheck. The main reason is that the earlier in life that you save, the bigger your nest egg will be at retirement.
There are a number of financial concepts that make this true. A better grasp of these concepts can help you make smarter decisions about the best ways to save for retirement.Read more