Yahoo has a list of 10 retirement pitfalls and I'm going to list and comment on them all. Here's today's pitfall:
Failing to take advantage of IRAs: You should be taking advantage of IRAs from the day that you are able to. If you fail to do so, it can be a huge blow to your retirement savings, since there is a limited amount that can be invested each year. IRAs are set up specifically so that you can maximize the amount that you have when you retire, and if you forgo them in your early years, you will do great damage to the amount available in your retirement fund when you get older.
The question for many people is not "should I invest in an IRA?" but rather "which IRA is best for me?" That's been a source of much discussion here at Free Money Finance, and for various thoughts, see these links:
Comments