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.

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A Guide To U.S. Taxes

The United States has one of the most complex tax systems in the world. This guide to U.S. taxes will familiarize you with the types of taxes Americans pay. Raising revenue for the federal government is the primary purpose of our tax system. It comprises 40 percent of all money the U.S. Treasury takes in. Roughly half of all tax revenue is in the form of income tax. Yet, there are many different types of taxes that Americans pay.  The better you can understand taxes, the more you can reduce taxes.

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One common goal that all Americans share is to retire as early as they can. Maximizing your retirement income will give you the option to do so as early as possible. During our working years, we are constantly juggling the responsibilities of supporting a family, career growth, and paying down the mortgage.

But retirement is a time to focus on yourself and do the things in life you have always wanted to do. Prior to retirement, we all want to know how much can we spend without running out of money. Maximizing your retirement income is the key to optimizing how much you can spend.

The two key components to maximizing your retirement income are how much you’ve saved for retirement and how much you need to withdraw from your nest egg every year. There are certainly a number of variables to maximizing your retirement income. But the three most important factors are determining your income needs, structuring your retirement income, and reducing taxes.

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