Lately some of my readers have been emailing me questions about what the best path is to take when it comes to your retirement savings. Even though it would be nice to invest in as many different types of retirement funds as possible, sometimes our ability to save money is limited, and we have to make a choice about which one to use first. So while the homepage of IRA vs 401k Central lists all the pros and cons of each type of investment, some people just want to know – between a Roth IRA vs 401k, which one should I start off with in order to get the best return? Fortunately there is a strategy to investing in BOTH that can get you the … [Read more...]
When Hitting Your 401k Max May Not Be To Your Advantage
If you read my advice often, then you know that I am constantly encouraging you to save as much as possible for retirement. Why? Because I want you to be wealthy, take advantage of tax free savings, and reach financial freedom as quickly as possible. And even though I continually advocate all the benefits of hitting your 401k max, sometimes it’s just not going to be practical or feasible if you have a limited income. In fact in a few cases, there may be other things you need to consider that may work out better for you long term. … [Read more...]