This is financial literacy 101
2. You don't 'buy' a retirement account
In reality, he says,"the retirement account is just a bucket and their investment is put inside that bucket. It's those investments that go inside that bucket that create the return." and grow tax-free until you withdraw it upon retirement. In 2019, you can contribute up to $19,000 to your 401, or $25,000 if you're over age 50.If you open up an individual retirement account, like a, you can contribute up to $6,000, or $7,000 if you're over 50, to each account in 2019. The money in a traditional IRA will grow tax-free but is taxed upon retirement, whereas the money in a Roth IRA will be taxed before it goes into the account and is tax-free to withdraw upon retirement.
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