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In
this chapter:
Introduction
Retirement
savings plans
The
401(k) plan
IRAs
Roth
IRAs
The
IRA decision
How
your savings grow
Some
(minor) drawbacks
Dividing
your savings
Inflation
& taxation
A
newfangled pension
Questions
& answers
Security
and your 401(k)
The
scoop on IRAs
Your
savings priorities
If
you're self-employed
Financial
cramming
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1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Financial
Cramming
Enroll
in your company retirement savings plan or open an individual
retirement account (IRA) at a no-load mutual fund company—right
now.
Looking
for easy money? If your company offers a 401(k), contribute at
least as much as your employer will match. A fifty-cent match
for every dollar you put in is the same as earning a 50% return
on your investment.
If
you’re thinking of changing jobs, check your vesting schedule
to see whether you’ve worked long enough to take all your 401(k)
money with you when you quit. Staying an extra few months could
mean thousands of extra dollars in your pocket.
Figure
out whether a traditional or Roth IRA makes more sense for you.
Many younger people have more to gain from Roth IRAs. Visit the
IRA comparison calculators like the ones at www.financenter.com
and www.datachimp.com
for details.
If
you work for yourself, check out SEPs, SIMPLE IRAs, and Keoghs.
These plans may permit you to sock away far more for your retirement
than you could with an IRA.
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