Beyond Retirement: Consider Your Other Goals

Retirement savings isn’t the only financial goal you might want to consider in a lifetime. There are other considerable milestones that you want to take into account as well.

When it comes to financial stability, people tend to focus on paying off debt and saving for retirement. In reality, many other financial goals beckon to individuals during their lifetime. Because of this, it’s important to look beyond retirement when setting targets, no matter how old you are.

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Individual Retirement Accounts (IRAs)

An individual retirement account or IRA is an investment account that enables individuals to save for retirement. There are two types of IRAs: Traditional IRAs and Roth IRAs.

Each calendar year, you can contribute up to a maximum dollar amount. The annual contribution limit for 2019, 2020, and 2021 is $6,000 (or $7,000 if you're age 50 or older).

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