If you are in your 20s or 30s, I have a tip for you: Learn about IRA accounts. They are the retirement vehicles for your future.
Few have figured this out. Individual Retirement Accounts get little attention because our personal and media focus is on 401(k) and 403(b) accounts sponsored by employers. Worse, IRA accounts have much lower contribution limits. This year, the maximum contribution to an IRA account is $5,500 if you are under age 50, $6,500 if you are over age 50. The maximum contribution to a 401(k) or 403(b) plan is $17,500. This doesn’t count any matching funds contributed by your employer.
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