Make the most of tax-advantaged retirement accounts

When it comes to saving for retirement, there’s nothing like a tax-advantaged account. Not only will your earnings grow tax-free, but you may also be able to deduct your contribution from your taxable income. Add to this the power of compounding, and you have an effective formula for growing your savings.

Types of retirement accounts

There are several types of retirement accounts, each suited to a different personal scenario and need. Choose any of these categories to learn more:

• Individual Retirement Accounts (IRAs)
• Employer-sponsored retirement accounts: 401(k)s and 403(b)s
• Small business retirement accounts

Whatever type of retirement account works best for you, make a commitment to saving as much as you can and stick with it. One sure way is to make retirement savings a line item in your budget.