Where Should I Start Saving? My 401(k) or an IRA or a Roth IRA?

 
 

 

Where Should I Start Saving? My 401(k) or an IRA or a Roth IRA?

Where should I start saving_ My 401(k) or an IRA or a Roth IRA img.jpeg

You’re able to save more in your 401(k) ($18,500 in 2018 plus an additional $6,000 if you are over 50) each year than you can in your IRA or Roth IRA ($5,500 plus an additional $1,000 if you are over 50).  If your employer offers a match to your contributions, you should at least contribute as much to get that full match. Overall, you’ll be happiest financially if you contribute as much as you can to your retirement accounts--the part you can deduct from your taxable income turns out to be free money, and those balances really compound over time!  


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