When I first heard of tax-exempt retirement savings accounts, I assumed they were just for old-fashioned savers.
That’s because they’re really for people who can’t afford to save at all and just want to do something to give themselves a bit of money to get through retirement.
They’re also an excellent way for low-income Americans to save for retirement.
However, with tax-exemption, you don’t need to save to contribute.
And you can save up to $2,500 per year with an account you set up for yourself or for someone else.
If you’re interested in the tax-advantaged savings accounts in the next edition of Next Big Finance, we recommend you check out this guide.
And if you’re still worried about the risks associated with tax exempt retirement savings, we have a few tips for you to help you get through your retirement years.
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