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In 2024,annual employee contributions are limited to $23,000.
Traditional IRA
Anindividual retirement accountprovides another investment vehicle after youve maxed out your 401(k).
Roth IRA
Like a traditional IRA, a Roth IRA is another retirement savings vehicle.
A Roth IRA provides tax advantages in retirement, since its funded with after-tax dollars.
You dont pay taxes on withdrawals in retirement.
It can be an effective part of your retirement planning to reduce your tax liability in your later years.
There may be additional limits to your Roth IRA contributions based on your income,according to GOBankingRates.
High-Yield Savings
Saving for retirement is an honorable goal, but how is your emergency fund looking?
Consider boosting your cash reserves in a high-yield savings account.
Deferred Annuities
If youre closer to retirement age, its worth considering a deferred annuity account.
On the other side of that scale, you have precious metals, he said.
People like the fact that having something tangible gives them peace of mind.
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Takeaway
Finding and working with a financial advisor is a great idea.
A financial advisor will help keep track of your finances and assist you in attaining your financial goals.
Get to know your Financial Advisor options today for Free!
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