The Best Order of Contributions When Saving for Retirement

Order of Contribution for RetirementIf you are looking for the best way to save the most money for retirement, you need to take advantage of all the different types of accounts that are available. Unless your earnings are high enough to where you can max out every account, you need to prioritize.

Here is the best order of contributions or optimal order of priority to save for retirement. Use these steps to maximize your tax-free and tax-deferred contributions.

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Why A Roth IRA Makes Sense For Millennials (and Everyone Else)

Advantages of Saving With A Roth IRAIt has been said that there are two things certain in life: death and taxes. The first thing I can’t help you with. But for the second, I can with a type of retirement account called a Roth IRA. With this particular type of account, your account’s balance that you see is what you get. Uncle Sam doesn’t get a cent of it.

In addition to the tax advantages, here are six other reasons why you should have a Roth IRA.

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Why The Solo 401k Is The Best Self-Employed Retirement Plan

Solo 401k Retirement PlanAs a self-employed individual for the majority of my adult life, I’ve found there are many perks of self-employment. But one thing that may keep some people from taking the leap to being their own boss is the lack of an employer-sponsored retirement plan such as a 401k.

Enter the Solo 401k, a tax-advantaged qualified retirement plan for the self-employed individual. The Solo 401k not only allows a business owner to save money for retirement; it also makes it extremely easy to supercharge one’s contributions for maximum tax-benefits and retirement savings over all the other self-employed retirement plans and even the traditional 401k.

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