Saving for retirement can seem overwhelming at first. After all, it’s one of the largest sums of money most people will save up in their lifetimes. And a lot is riding on it. On the other hand, when your golden years seem far away, it can be hard to see the point in scrimping and pinching for a far-distant future when you could be using your hard-earned money now. While it can be tempting to put off saving for later, starting now has big earnings advantages.
When you decide to start going big on retirement savings, you still have a few options to unpack. So let’s take a look at two common retirement accounts you’ve probably heard of: the 401(k) and the IRA. Find out how they’re different and how you can use each to your advantage.
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