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Tips to help you save money for retirement

Written by: Chris O'Shea | savvymoney.com

Tips to help you save money for retirement.


Retirement will come quicker than you think. That’s why, even if you’re in your 30s or 40s, you should get serious about saving. Here are some ways to get started saving for retirement while you’re making your way through your thirties and forties.

 

Max Out Your 401(k)


The easiest way to save for retirement when you’re in your 30s or 40s is to take advantage of a workplace 401(k).

Add an IRA


Now that you’re knee-deep in 401(k) savings, it’s time to add on an IRA. There are two kinds of IRAs, Traditional and Roth.

Traditional IRA


Tax Treatment

Withdrawals

Ideal for

Roth IRA


Tax Treatment

Withdrawals

Ideal for

Keep Going Strong


No matter what happens, don’t stop saving for retirement. When you’re just getting started in your career, there’s a good chance you’ll have some ups and downs. Remember to keep contributing to your retirement, even if it’s a small amount.

Do One Thing: Slowly increase your 401(k) contributions over time so you’re saving as much as possible.

 

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