Roth IRA

There is never a better time to start investing in your future than right now. Retirement may seem like ages away, but just like your childhood, the time will fly by and suddenly you will be wanting to leave the workforce and chill for the rest of your days. So what do you do to ensure a successful future? Plan ahead. Make saving as much fun as spending and your future self will be thanking your current self every day you did.

Once you recognize the benefits of saving and investing for retirement, you may be asking where to start. Well, if you have a job, chances are the institution you work for provides a retirement plan in the form of a 401k or a 403b. Many companies, businesses and public service entities do not have automatic enrollment in these plans so it is vital that you enroll asap. Why you ask. Simple, nearly all jobs match or partly match any pretax money you contribute to these plans. That is free money people! Sign yourself up for these plans and contribute the maximum funds you can and soon enough you will be living the life of luxury in your golden years. 

Another incredibly potent source for retirement income is the IRA. My favorite type of IRA is the Roth IRA. Why do I love this baby so much? Well, any money in this account has already been taxed, so once you hit retirement what you see in the account is what you receive from the account. Awsome! Remember kiddos, do not take out money from these accounts before retirement age or you will not receive the full amount you are able to accrue. If you take out money before 59.5 you will not only pay a penalty fee but you will also be taxed on these funds. Please please please also avoid taking out a 401k loan. I know it will hurt for a little while, but it is way better to avoid touching your 401k because retirement funds are protected from bankruptcy. Just sit and wait and all will be well.