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Investing For Your Retirement

Although you may be many years away from retirement

, or maybe its creeping closer round the corner, it makes no difference; you must start saving for it whatever age or stage in your life you are right now. However with the cost of living and housing expenses ever growing and the unstableness of Social Security, saving for retirement just isnt what it once was. These days the only wise thing to do towards your retirement is to invest for it, not save for it.

Once upon a time retirement plans with the company you work for were a sound way to plan for your future retirement, but since the Enron situation people just dont feel secure in these company retirement plans anymore. If you chose not to opt for your companies retirement plan, there are other options available to you.

You could choose to invest in stocks, bonds, mutual funds, certificates of deposit, and money market accounts. You do not have to state to anybody that the returns on these investments are to be used for retirement. Just simply let your money mature overtime, and when certain investments reach their maturity, reinvest them and continue to let your money grow.

You could also open an Individual Retirement Account (IRA). IRAs are quite popular because you will not be taxed on the money until withdrawal. You may also be able to deduct your IRA contributions from the taxes that you owe. An IRA can be opened at most banks. A ROTH IRA is a newer type of retirement account. With a Roth, you pay taxes on the money that you are investing in your account, but when you cash out, no federal taxes are owed. Roth IRAs can also be opened at a financial institution.

Another popular type of retirement account is the 401(k). 401(ks) are typically offered through employers, but you may be able to open a 401(k) on your own. You should speak with a financial planner or accountant to help you with this. The Keogh plan is another type of IRA that is suitable for self employed people. Self-employed small business owners may also be interested in Simplified Employee Pension Plans (SEP). This is another type of Keogh plan that people typically find easier to administer than a regular Keogh plan.

Whichever retirement investment you choose, just make sure you choose one! Again, do not depend on social security, company retirement plans, or even an inheritance that may or may not come through! Take care of your financial future by investing in it today.

by: james galloway
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