This is the best move, and yes, you've heard this all before, but it's still true.
As a way to build money for retirement, nothing comes close to a 401(k). Saving by payroll deduction is painless and ensures that you make regular contributions.
You get a tax break on what you put in, and the money grows tax-free until you withdraw it when you reach retirement.
Best of all, your employer probably matches your contributions, typically 50 cents on the dollar (on up to 6 percent of your salary) - for an immediate 50 percent return on investment.
$7,500 in a 401(k) today equals $34,957 in 20 years (assuming an 8 percent annual return).
Best retirement moves at any time: Up your 401(k) contribution
| A remodeling trend may look good on paper, but it may not make your home more livable - or more valuable. These five alternatives will. (more) |
