Truth 1. IRA
Although it may seem like the purpose of tax laws is merely to confiscate as much of our money as possible, tax laws are written by legislators to encourage and discourage particular activities. The tax deduction for mortgage interest is an example of Congress’ attempt to encourage and facilitate homeownership. And so it is with retirement planning.
In an effort to encourage us to save for our own retirement rather than depend on the government and programs like Social Security, Congress has passed laws providing opportunities for us to save for our own retirement in a tax-advantaged way. Perhaps the two best ways to do this for most people are the IRA and the 401(k). When it comes to retirement planning, the IRA offers ...
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