Updated : Sep 13, 2019 in Articles

What Accounts Will Help Me Save For Retirement? #AskBellco


[Alex] I highly encourage using a 401(k) if
you have one available to you. Not everybody does, but if you do have an
employer-sponsored plan, like a 401(k), that money is gonna come right out of your paycheck,
so when you get your paycheck every month you’re gonna spend whatever comes in and so
it’s really painless to not even see that happening and it’s just kind of accumulating
for you. [Jack] It comes out before you receive it. [Alex] Exactly and a lot of times on those
plans, your employer will also help you out so if you put in a dollar, they might put
in a dollar and so a lot of times there’s some sort of matching incentive to participating
to those plans so I highly recommend those if you have one available. If you don’t have that available to you, you’re
not out of options. You can set up an Individual Retirement Account,
which is a similar vehicle that you’re setting up on your own, so both of those choices – a
401(k) and an IRA do have investment options inside of them that are gonna fluctuate based
on market performance, but you absolutely can set up an Individual Retirement Account
if you don’t have an employer-sponsored one.

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