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Personal Finance in Your 20s & 30s, 5E by Susan Shelly McGovern, Sarah Young Fisher

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CHAPTER21

401(k)s and IRAs

In This Chapter

  • Planning for your retirement, now
  • Why it’s better to start saving early
  • The importance of funding your 401(k)
  • Building retirement savings in IRAs

At your age, retirement probably seems like a concept for consideration in the distant future—certainly not today. However, although you are decades away from retirement, it’s a topic that should be at the forefront of your financial planning. Most financial experts agree you need to have more than $1 million saved to ensure a comfortable retirement.

The average yearly expenses for a person between the ages of 65 and 74 were around $46,000 a year in 2013, ...

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