If your company doesn’t have a retirement plan, then you should start an IRA or a ROTH IRA.
- An IRA account is for saving pre-tax money to be able to withdraw later in life when your tax rate should be lower.
- A ROTH IRA is the opposite. You contribute after tax money now and withdraw tax free at retirement.
Talk with your investment person or tax preparer to determine what is best for you. Discuss the income limits and the maximum contribution amounts you can contribute based on your age. Have this discussion today.