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Retirement

Retirement Catch Up

Q: I'm 45 and I'm way behind on my retirement savings. What can I do? A: Plenty! You have about 25 years before you retire (the standard 65 is inching toward 70), so let's make the most of the time you have. Hint: If this topic makes you...

How to Open an IRA

When we met Ashley on Monday, she was pacing the floor, worried about her future savings—when suddenly she got the news that her mother had already opened a Roth IRA in her name. This raised several questions for Ashley, and a particular one for...

Helping Ashley Start Her IRA

We recently heard from Ashley, 25, a documentary filmmaker in Seattle: "How do I get started on an IRA? Or a Roth? I want $340,000 in 30 years!" We offered to help Ashley launch her retirement account, and she agreed to share her saga, as it...

Target Date Mutual Funds

A recent study found that most investors who have target date mutual funds don't understand how they work. What makes this discovery sort of funny—but not in a good way—is that the point of target date funds (TDFs) is that they were supposed to...

Doing the Math on a Roth IRA

Now that we're all focused on Saving UP!, I want to address one of the great IRA puzzles: What is the difference between a regular IRA and a Roth? Luckily, it's an easy and fun question to answer. Let's imagine there are two cars: a Chevy Ira and...

Self-Employed Retirement Magic

It's much harder to save when you're self-employed. Nobody in HR is going to coax you out for a power point, some coffee and a few prospectuses—and then set up automatic contributions for you. You have to do it yourself. And you must. And with...

A 401k No-No

Dear DailyWorth, I recently heard that a co-worker used some of his 401k money to pay off a credit card. I am 27, and have $11,000 in credit card debt. Should I do the same? ~ Katie M Dear Katie, GACK! NO. And here's why: It will cost you a...

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