It doesn't matter how old (or young) you are - if you haven't started saving for retirement, you need to, now. Even if you have started, it doesn't hurt to do more. So, you should consider an IRA. Below is a quick overview of IRAs:
There are many different kinds of IRAs. The most common are:
This chart shows the total account worth of your IRA if you start saving at 21.
Now see what happens if you wait until age 35 to start.
These charts assume annual contributions and a 3% rate of return compounded monthly. Your own plan may earn more or less than this example and income taxes would be due when you withdraw from your plan.
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