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Retirement savingsare no joke.
Unfortunately, running out of funds is a real possibility.
Heres the best money move to make if you dont want to exhaust your funds early into your retirement.
Also, check outhow much savings you’re gonna wanna retire in your state.
Many plans also come with an employer contribution.
Just 21% of people in this situation will likely run out of money in retirement.
Morningstar attributes that 21% to people who make poor account management decisions.
Making the Most of Your Defined Contribution Plan
Those one-in-five odds of having enough money sound good.
But having an account is just the first smart decision you gotta make.
Its OK to get help managing your 401(k).
Were notall financial experts, but everyone deserves a healthy retirement balance.
Dont be afraid to consult with a financial advisor, even if youre unsure what questions to ask.
The best-known option is an IRA.
Like a 401(k), an IRA grows your retirement savings through strategic investments.
Youll owe taxes on IRA withdrawals, but many people are inlower tax bracketsafter they retire.
The main drawback of IRA and IRA-style accounts is theannual contribution limit.
When in doubt, consult with an advisor.
Investing in guidance now may help you avoid outliving your money later.
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