How to Invest in Your 30s, According to a Financial Expert
account. As of 2022, you can invest up to $20,500 in a 401K and up to $6,000 in an IRA. That means you can set aside up to $26,500 each year, invest it, and allow it to grow in a tax-advantaged way. This limit applies to individuals, so if you’re partnered, that’s $53,000 your household can save annually for retirement. Here’s how to get started:If you’re not sure, check in with HR. Match programs vary greatly, but many employers will either match up to a percentage of what you contribute. .
Roth accounts are a smart option in your twenties because you’re making the bet that your current tax burden today will be lower than a few decades from now as you near retirement. If you don’t have access to a 401K through work, you can set up an IRA quite literally anywhere that you have an investment account, like Charles Schwab, Fidelity, or Vanguard.Contributing to your retirement account is not the same as allocating your retirement balance into investments.
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