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    Retirement: Start Planning Now

    There are some retirement plans that can be complex and you may need a financial planner or financial advisor, but don't let that turn you off. With a little bit of knowledge, you can also do this yourself. The key is determining which type of account or plan you should utilize by deciding what best suits your situation.This post is the first of a series that will explain different retirement accounts so you can utilize this information to decide what suits you. There are tax advantage accounts, business accounts, and employer Tax can help you reach your retirement goal. If you don't wish tore, that's fine, but utilizing these plans can also help you with large purchases down the road like a house or even saving for your kids.

    According to Investopedia, there are four main reasons that you should start saving for retirement. 
    1.    Social Security
    • It would be a bad idea to rely on your social security benefits for retirement because they may not be around forever. An article on stated, "According to the 2022 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2035. That's one year later than the trustees projected in their 2021 report." This doesn't mean that social security benefits will go away in 2035; it does mean that by then, they will run out of cash reserves. Still, relying solely on these benefits for your retirement would be irresponsible. 
    2.    For your children
    • If you decide to have children, you must prepare for their future also. Doing this requires you to make sure that you will not be a financial burden to them when you get older. Having funds set aside will ensure that you always have the money for your shelter, food, and, unfortunately, a nursing home if needed. If there is any money left in your retirement accounts when you paAnyeave your children with a lovely parting gift and hel out with their future. That cycle can continue if the following generations are just as responsible as you.

    3.    Tax benefits
    •  A few accounts or plans will allow you to grow your money pre-tax. The advantage is that you have more money to invest, creating more returns. Certain accounts will also allow you to reduce the taxes owed on your income each year that you invest in it.
    1.    Compounding Effect
    • According to, "Compounding is the ability of an asset to generate earnings which, when reinvested or kept invested in the primary asset, will generate additional earnings." In short, if you earn 6% on your account the first year, you now have 6% more in your account. The following year if you earn another 6%, that 6% gain on your capital is more than the previous. Consistently investing every week, month, or year without withdrawing funds will create massive compounding effects. 

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