Today we are celebrating the Roth IRA.
Okay, so maybe retirement accounts don't quite inspire you to break out the bubbly and streamers.
But, because saving for retirement is such a challenge, doing so successfully is worthy of celebration—in fact, it could spark a decades-long celebration.
So, today, which is Roth IRA Movement Day, if you don't have a retirement account—and even if you do—take two minutes to read this quick story.
It could mean the difference between a stressful retirement vs. a stress-free one.
The idea for the Roth IRA Movement Day started with Jeff Rose, the certified financial planner behind the blog Good Financial Cents, who was appalled when he spoke to more than 50 college seniors at his alma mater and found that not a single one of them had heard of a Roth IRA.
He wrote on his blog that he hoped the movement would help young people feel the urgency of starting a retirement account as early as possible, and give them the knowledge to do so.
"The movement aims to get people to start investing for their retirement as early as possible ... and if you haven't done so yet, that means starting today," he said.
So, What Is a Roth IRA and How Can It Help You?
The Roth IRA (and other retirement vehicles such as traditional IRAs and 401(k)s) are financial accounts that allow you to save for retirement gradually, over decades. The government, in order to encourage people to use them, also offers tax advantages to people who have such accounts.
Sounds great, right? Well, here are the ways you get in on the deal:
- Check out this post, which outlines the differences between the Roth and traditional IRAs as well as 401(k)s.
- If you want to get a roadmap to retiring in style, watch our video.
- If you still need convincing that retirement should be a priority for you right now, read this.
- Still not sure you need to start today? This tool demonstrates why starting early is the only easy way to save for retirement.
- If contributing to retirement will require a rejiggering of your current finances and budget, then check out our Take Control Bootcamp, which will walk you through how you can make room in your budget to save for retirement.
- If you think you're all set because you've maxed out your retirement contributions, think again. There's still more you can do!
- And if you just want to talk to someone about it all, then our financial planners are always here for you.