Retirement is not as clear-cut and simple as it was in the past. Instead of relying on retirement from your work and Social Security benefits, retirees must plan for their golden years many years before they occur. This is typically done with two retirement “workhorses”: the IRA and the 401k.
Both the 401k and the IRA have contribution limits, which when reached will not allow you to add any more. At this point you must seek other methods of saving for retirement. However, contributing to your 401k and your IRA should be your first plan of action.
In many companies you will have the option for your employer to match your contributions. Although each… » Read more