You’re in your 20s and your whole life is ahead of you. So why should you care about retirement? One word: Time. When you’re saving for retirement, you’re putting compound interest to work for you. That means that the little bit of money you put in now has the potential to turn into a big chunk of change later. You also may be able to defer taxes. What’s not to like about that?
Step 1: Why start saving now?
Start saving now and you could cash in over the long haul. See how to put the combined powers of compound interest and tax deferral1 to work for you.
Step 2: What’s the difference between a Traditional IRA and a Roth IRA?
Good question. This calculator can help show you the difference.
Step 3: What’s a Roth IRA?
Roth IRAs and Traditional IRAs are two of the most common accounts to help you save for retirement. So what’s a Roth IRA? Find out here.
Step 4: Signing up for benefits.
But wait: your employer may have a retirement plan for you too.
This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation.
The information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
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Neither Voya nor its affiliated companies provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.
1Contributions to a qualified plan may be income tax-deferred, meaning you pay taxes in the future for income earned in the current year.