An article about retirement savings stated that millions of Americans do not have access to an employer 401(k). In fact, many folks simply have a checking and savings account for their money. The good news about that is: you are saving.
However, you could be saving more efficiently. Invest your hard earned dollars to work for you so when it comes time to retire you have enough.
A few options to consider for retirement savings regardless of employment plans:
- Traditional IRA: save money and save on taxes now. Contributions to IRAs are tax deductible. Consult your advisor about the details and suitable investment options.
- Roth IRA: enjoy tax-free growth and withdraw tax-free in retirement. Consult your advisor about the details and suitable investment options.
- Non-Retirement/Brokerage account: extra cash, after your IRA(s) is funded, can be invested for diversity, growth, and can also serve as an emergency fund. Consult your advisor about the details and suitable investment options.
2014 is coming to a close. If you have some extra cash, a CD coming due, money sitting in a money market fund, or a bonus coming take advantage of making a 2014 contribution now AND a 2015 contribution in January to take full advantage of the growth potential for next year.
Caroline Hill, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).