How To Start Super Charging Your Retirement Savings Today — FIbyREI

Why saving for retirement is important

Before we dive into the vehicles that can supercharge your retirement savings, consider why you should save for retirement. The most obvious answer is that most of us don’t want to work forever.

Which is the best retirement plan?

As we discuss retirement savings, it is important to realize that there is not a one size fits all retirement strategy. You should save as much you need based on your particular lifestyle. The investment and savings vehicles that you are best for you will depend on your unique risk tolerance and long-term goals.

What is a retirement savings account?

A retirement savings account can be any account that you specifically set aside retirement savings within. The federal government designates certain retirement savings accounts with particular tax advantages. However, you can save for retirement in the vehicles that suit your needs best.

Other tax-advantaged accounts

Beyond the employer-sponsored options, there are other tax-advantaged accounts. A few include and . With these accounts, you can lower your overall tax burden based on your timelines.

Taxable brokerage accounts

In addition to tax advantages accounts, you can stash your retirement savings in a taxable brokerage account. Within a brokerage account, you can buy and sell stocks, ETFs, mutual funds, and more.

How do I start a retirement plan?

If you are reading this, then you’ve likely decided to take retirement planning seriously. That is a great first step! Now it is time to craft a retirement plan to suit your goals.

How to super charge your retirement savings

In order to super charge your retirement savings, it is important to maximize your funds in the most effective way possible. With that, it is a good idea to start by maxing out your tax-advantaged retirement vehicles first. After that, you could contribute to a taxable brokerage account or in another avenue such as real estate investing.

The bottom line

When you create your retirement savings goals, you may decide that you want to super charge your path to retirement. Luckily, you have many investment vehicles available and options to meet your savings goals.

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Andrew Kerr

Andrew Kerr

Host of “The House Hacking Podcast” and owner of www.FIbyREI.com