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With the economy in turmoil and social security in question many people have now taken their financial freedom into their own hands. With retirement being the biggest concern amongst people looking to live a better life we have compiled a quick tutorial hat will tell you the difference between your retirement choices:


If you’re working a 9-5 a 401k is the first thing you should be investing in; a 401(k) is a retirement plan that allows a worker to save for retirement and not pay any taxes on the money that goes into the plan until later. This is called tax-deferment. This benefit allows you to earn interest on money that would have gone to the IRS and allows you to pay the taxes once you take the money out at retirement, which is currently at 59 1/2 years old. At retirement it is assumed that you will be earning less, which would put you in a lower tax bracket hence saving you more. The money that you invest into your 401(k) is also known as a “Contribution”.

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Your contributions into your 401(k) is never seen by you because as the employee, you elect to have a portion of your wages paid directly, or “deferred,” into your 401(k) account making the process painless. As an added bonus your employer can optionally choose to “match” part or all of your contributions by depositing additional amounts into your account. Most 401(k)’s have pre-set options that you can choose from depending on your risk tolerance but consult with a financial advisor to get proper guidance on which options are good for you..

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