A few dollars today can be thousands in the decades to come
Saving a few dollars at a time may not feel like much of an accomplishment in the moment, but years — even months — down the road, it will.
Saving for retirement isn’t always a priority for Americans, especially when there are so many other financial responsibilities, inflation to worry about and shorter-term goals to achieve. But putting away any amount of money, whether it’s a couple of hundred dollars or just a few dollars, can have a drastic impact on a person’s eventual comfort decades in the future.
There are two types of IRAs: Traditional, which are contributed with pretax dollars, and Roth accounts, where contributions are taxed but distributions are tax-free when the rules are followed .Traditional and Roth accounts have different requirements. For example, any earner can have a traditional account, but whether their contributions are tax deductible depends on if they or their spouses are participating in a qualified retirement plan, such as a 401.
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