Top 3 Investment Opportunities That You Shouldn’t Sleep On
Savings, funds, and investments – these are the words that you may have become tired of hearing. As a young adult (or even older adult, if we’re totally honest), they’re present in almost any and every conversation you’re a part of.
So, what is the big deal behind this sudden attention towards investing and saving?
Usually, when it comes to investing, you need to have a certain amount of money to start off that would have no impact on your bills and your monetary requirements. But, can you invest if you do not have a lot of money?
To cut it short, yes, you can. Here are some of your options:
1. 401 (k)
The 401 (k) is a retirement saving and investing plan that usually is offered to employees by their employers. This plan allows the employees to receive a tax break on the money they contribute. These contributions are then automatically invested in funds of choice by the employee.
Similar to 401 (k), the IRA also allows you to save money for retirement. The Individual Retirement Account has you make contributions either pre-tax and after-tax, depending on the type of account you opt for. You can make IRA contributions of up to $6000 or more if you are above the age of 50. Unlike 401 (K), you do not need an employer for this saving account.
This opportunity is beneficial for those people who have a qualifying high deductible healthcare plan, unlike IRA or 401 (k). The Health Savings Account will provide you with tax savings in the same year of contribution, and best of all, you don’t have to pay taxes when it comes to withdrawals for your healthcare.
Wrapping It Up
The pandemic and its lasting impacts have changed people’s perspective on life and what it means to be “safe and secure”. When in lockdown, many people lost their livelihoods or had their salaries significantly reduced. This led to many people surviving on the savings they had accumulated for retirement, college fund, or vacations. Now that jobs are opening up again and things are looking better, people are looking to secure themselves financially, especially through investments. And rightfully so.
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