ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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IRA
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401K or Company matching plan
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Savings account
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Car
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Detailed explanation-1: -If you’re in your 20s and saving for retirement, a 401(k) is one of the best wealth builders available to you, particularly if there’s an employer match. Compounding is when you earn interest on your interest; start saving early to maximize the power of compounding since you have many years until retirement.
Detailed explanation-2: -Ideally, you’ll choose a mix of stocks, bonds, and cash investments that will work together to generate a steady stream of retirement income and future growth-all while helping to preserve your money.
Detailed explanation-3: -Increase Cash Reserves. Estimate How Much Money You’ll Need to Retire. Evaluate Tax Consequences. Diversify Your Investments. Educate Yourself. Frequently Asked Questions (FAQs) 11-Oct-2021
Detailed explanation-4: -Just start. Set up automatic payments to your retirement account. Ask about an employer match. Save more as you make more. Defer taxes to make larger contributions now. Get advice from an expert you trust. Make sure you can sleep at night. Understand there’s risk to being ‘safe, ’ too. More items