Where should I save my retirement money? Tax-favored retirement accounts such as individual retirement accounts (IRAs) and 401(k)s are the best places to save for your retirement. The different types of plans have different features, but most of them allow you to defer taxes on the money you save and the returns you earn within the account. “Tax deferral”

How much should I save? “As much as you can” is the standard advice. Many financial planners recommend that you save 10% to 15% of your income for retirement, starting in your 20s. But that’s just a general guideline. This is your retirement we’re talking about, so it pays to get a little more specific

Regardless of age, planning for retirement is an important component of any long-term financial strategy. Through the benefits of modern medicine, people are commonly living well into their 80s and beyond. Coupled with the continuing uncertainty surrounding social security benefits, careful planning is vital to ensure adequate financial resources are available throughout retirement. At its