7. Individual Retirement Accounts and 401(k)s

Retirement is a goal that we all have, yet many of us fail to adequately plan for it. One way of determining how prominent considerations of retirement are to a person is to see what they conjure up when you mention “IRA.” This acronym has different meanings to different people. For example, a collegiate crew team was in London a few years ago for the Head of the Thames regatta. One of the American rowers was perplexed by the odd stares he received as he walked around London wearing his baseball cap with the logo for the Intercollegiate Rowing Association. Finally, someone pointed out to him that it was not particularly good form to traverse the streets of London wearing a cap with the letters “IRA” ...

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