Retirement Plans in 2023: Choosing the Right Account
Retirement planning can easily be overlooked while juggling your career, raising children, paying off debt, and enjoying today. In fact, according to a Bankrate survey conducted in 2022, 55 percent of American workers are behind on their retirement savings. If you want to create a financially secure future, however, you need to know what options you have and their benefits.
Creating a retirement plan early in life is essential if you want to have a financially stable retirement. For example, by diverting some of your paychecks to a tax-advantaged retirement savings plan, you can grow your wealth exponentially to achieve peace of mind.
But there may be other options depending on what your employer offers. In addition, all working Americans can set up their own individual retirement accounts, which have a lot of tax benefits. Believe it or not, Uncle Sam wants you to save for retirement. That's why the government offers these tax benefits.
To make retirement planning less stressful, here's how you can choose the right retirement plan.