Truth 34. More about annuities, IRAs, and 401(k)s
"You cannot escape the responsibility of tomorrow by evading it today."
—Abraham Lincoln
Before you invest in an annuity with all its attendant fees and taxes, you should maximize your investments in other tax-advantaged retirement vehicles that may be available to you. Two of the more common and important retirement investments for which you may be eligible are a 401(k) and an IRA.
The most common retirement account provided by employers is the 401(k) account. In a conventional 401(k) account, you are allowed to contribute a portion of your salary, such as 10%, into a tax-deferred retirement account. The money that you contribute from your salary into your 401(k) account is pre-tax. Income taxes ...
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