What Should You Do With An Extra $1,000 (Besides Spend It)
By Judith Ohikuare
If you want to look beyond employer-sponsored plans like 401(k)s and 403(b)s, Celaya suggests contributing to a traditional or Roth IRA.
“Depending on your specific situation, the tax advantages associated with each IRA type can mean a significant increase in your real return, after-tax, overtime,” she explains. “Traditional IRAs can potentially lower your tax bill today, while Roth IRAs provide the opportunity for significant tax-free growth overtime.”
Try using Betterment’s comparison calculator to decide which accounts (or combination of them) might be best for you.Read the Original Article
This article originally published May 24th, 2017 on Refinery29