Do you want to have enough money to live comfortably in the future? Then you should start taking advantage of retirement accounts today. This will help you build generational wealth for your children. You would also benefit from the power of compounding to your investments.

Retirement accounts are there for you to benefit from, they can be used for long term investments. With these accounts, you can benefit from tax-deferred investments and/or savings.

When used properly, these accounts will benefit you down the line, and provide you more disposable income. Over time, you will enjoy the benefits of compound interest. Today is the best time to start investing and building good savings habits.

For the United States, we would cover three main retirement accounts (The ROTH IRA, The Traditional IRA and the 401k). For Canada, let’s discuss its equivalents (The TFSA – Tax-Free Savings Account, the individual and the Group RRSPs). Some of these accounts provide tax deductions in the year of contribution.

NOTE:
The content in this video is accurate as of the posting date.
Also, this is not an investment advice. All investing involves risk, including the possibility of losing the money you invest. Please consider what makes sense for your current situation, your income level must be factored when approaching investing. Please perform your independent research before deciding on what works for you. This is only meant to educate and help kick start your own personal research….(read more)

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