Retirement is the end of one journey and the start of another. Having enough money to retire is a major goal for most. Retirement should be a time to relax and enjoy life, but if you don’t have enough money saved up you may:
- Become a burden on your children.
- Have to work longer.
- Be unable to do the things you wanted to do.
If none of these sound like fun, you better start saving.
An individual retirement account (IRA) is just one type of retirement savings plan. The primary benefit is the tax advantage it offers. There are many different types of IRA’s although Traditional and Roth are the best known. Most people find it difficult to choose which IRA is best suited for them.
The younger you are, the more benefit you have investing in an IRA because of the power of compound interest over time. However, even older people can benefit from opening an IRA.
Each person is responsible for their own retirement planning. Social Security alone won’t be enough. If you already have an IRA, I congratulate you. If not, the following sites provide more information: