3 Common Retirement Funds for Happier Living

28 Sep 3 Common Retirement Funds for Happier Living


When it comes to retirement, there are a lot of options available to you. Everyone wants to be able to get out of work one day and know for sure that they will be able to do everything they ever wanted (and more). People have different dreams and goals after retirement, and the feeling that is obtained when you achieve these is a fulfilling one indeed. However, to be able to enjoy the benefits of a comfortable, fun retirement you need to plan for the future right now. It is never too late to start saving up for the rest of your life. The sooner you start, the closer you will be to enjoying an early retirement.

There are many plans available for people who want to get started on their retirement funds right now. The 3 most common, basic families of retirement accounts are given here. Each may be more suited to your level of financial know-how and the amount of time you have to manage your personal finances. Choose wisely!

The 401(k)

This is a basic retirement account that is managed almost entirely by your employer. It depends on you being in the same company until retirement, because you will have to do a rollover if you plan on quitting any time soon. It is very common in large corporations, but is reducing in frequency in small businesses. This plan does not offer much personal control over the funds in the account, so it is a great option for the amateur in the world of financial planning.

The IRA

An Individual Retirement Account (IRA) is a type of retirement fund that is opened at a bank or another financial institution of some sort. It offers a lot more control over the money in the account, because you will be responsible for managing it. This is perfect for anyone, with any level of expertise. However, you do need to be able to dedicate time to planning and managing the funds in the account. You can always contact your bank for help with this.

The precious metal IRA

Commonly referred to as a gold or silver IRA account, these IRAs offer a lot more security when it comes to saving for the future. They involve the purchase of gold or silver that is of the same value as the funds in the account. The market is, after all, a very unstable thing. The economy is constantly fluctuating. This is one of the most recommended options. For more information on creating a silver IRA account or its yellowy counterpart, you can always talk to the bank at which you have your current IRA. Most of these places offer the option to ‘rollover’ your account into precious metals as well.

Whichever of the 3 you choose to have, it is always best to do as much research as you can. Being a beginner is not an excuse that will hold up in an internet powered world. Start saving for your retirement today, and you won’t have any regrets in the future.

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