“Risky Business” takes on a new meaning to the entrepreneur who excitedly opens the doors, real or virtual, for business on that first day and awaits customers. As any entrepreneur knows, one can work hard, create a good product and maintain good business relationships – do everything right – and still some future events are beyond one’s control.
There are two main types of IRAs, traditional and Roth. Both have the same contribution limits, the same catch-up provisions for people age 50 and older, and both allow your investment earnings to compound with taxes deferred until you start taking withdrawals, typically at retirement. To help determine which IRA is right for you, it’s important to consider how they differ.
Now’s the time to start creating your retirement nest egg. According to the U.S. Department of Labor, approximately 30 percent of eligible workers do not participate in their companies’ 401K-type retirement plan. And those that do participate may be making some significant mistakes that could have negative consequences in preparing for retirement.