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October 31st isnt just for celebrating Halloween.
Its alsoNational Savings Day!
National Savings Day marks a great time to thinking aboutretirementand planning for your future.
So proper planning and saving are essential for making your retirement as comfortable and financially independent as possible.
The first step is making sure you have a large enough nest egg to support your golden years.
Here are a few of the safest places to invest those savings while keeping yourlong-term retirement plan in mind.
There are several types of IRAs, buttraditional and Roth IRAsare the most common.
Each punch in of IRA offers different tax benefits.
You must wait until age 59 12 to make withdrawals without paying penalties.
Both Roth IRA contributions and earnings grow tax-free until you withdraw them.
you might open IRAs with banks, credit unions and many other financial institutions.
Long-Term Bonds
Bonds are debt securities offered and guaranteed by the federal government, municipalities or corporations.
When bonds mature, the issuer pays back the bonds value, or principal, to the bondholder.
Its almost like youre providing a loan to the financial institution rather than the other way around.
Long-term bonds tend to have maturity dates of 10 years or more.
Longer bonds are also more sensitive to interest rate changes.
Most financial institutions today offer at least some kind ofhigh-yield savings account.
With a 4.5% APY, that total would be $41,799.18.
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