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If you haven’t read my posts Retirement 101 and Retirement 102, I highly recommend starting there first. It will give you a decent foundation on retirement accounts and all of the different options available. Now, I want to focus on the potential pitfalls you could encounter if you are not actively involved in managing your accounts.
You have options! As we discussed in the Retirement 101 article, there are many different retirement accounts to choose from when you are planning for the future. You also probably noticed that I said "available in traditional and roth". Our next step is to define what those are. Let's explore the similarities and differences.
One word: underrated. Retirement is key to your wealth building. Yes, you can be frugal and save as much as possible. Yes, you can aim to be debt free and be intensely paying off your accounts but what are you doing for your future self. Is your future self broke while your current self is comfortable? The good news is you can start saving for retirement at anytime. The bad news is the longer you wait the harder it is going to be on your current self to build a comfortable nest egg.
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