If you’re like most people, then you went through a large
chunk of your 20s in a daze. Most people, though, tend to clean up their acts
once they hit their 30s. If that’s you- recently thirty and looking to make smart
choices- you’ll be glad to know that it’s not too late to get financially settled. One of the key things to do is to take out a few basic but necessary
financial accounts that have the power to change your life around for the
better.
401ks
One type of account you’ll want to take out, if you can, is
a 401k. 401ks are employer-offered retirement plans that give you the option of
investing money in different ways and that also come with tax advantages for
the money involved.
Typically, your contributions are deducted from your income,
and your employer will match a percentage of what you pay. As an added bonus,
you also don’t have to pay taxes on the funds until you make withdrawals.
A 401k is one of the best and simplest ways to start saving
for retirement, so if you have this option available to you, you will
definitely want to take it.
Roth IRAs
Another good option for saving is a Roth IRA, which allows
you to contribute as much as $5,500 each year. You can withdraw money as
needed, without penalty, as long as you’re withdrawing money you’ve put in, not
interest gains.
This easy way to save for retirement, which is similar to a
401k in a lot of ways, is a good option if you want to save but also want to be
able to access your money in a pinch.
High Interest Savings
Accounts
Stashing money away in a standard savings account is good,
but stashing it away in a high interest savings account is even better.
You can find these larger-return accounts in the form of
money market accounts, as well as offered by online banks. Do your research to
find the best interest rates and then start investing that money!
As you can see, there are lots of ways to get smart in your
30s and beyond. Consider these types of accounts for a brighter, more secure
financial future, and also talk with a financial adviser about other and/or
different options for putting your money to work for you!
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