4 Investment Accounts That Can Advance Your Financial Goals

What kind of investment accounts do you need? There are various investment accounts, depending on your lifecycle and financial goals. Choose investment accounts that advance your goals. These accounts can help you build wealth.

4 Investment Accounts That Best Advance Your Financial Goals

1. Standard Brokerage Accounts

To open a brokerage account, you must be at least 18 years of age and have a social security number or tax ID. A standard brokerage account is a taxable investment account that will allow you to deposit and hold cash to buy various investments.

– Traditional 401K Plan – Contribution Limits – Eligibility – Match Contributions – Required Minimum Distributions – Roth 401K Plans – Traditional Individual Retirement Accounts (IRA) – Contributions Limits And Withdrawals For IRAs – Roth IRAs

2. Retirement Accounts for Everyone

The traditional 401(K) is the best-known defined contribution plan for employees of private companies, offered by 67% of these firms.

Traditional 401K Plan

The IRS recently raised limits on the maximum contributions of the 401 K per year to $22,500 in 2023, from $20,500 in 2022 that an employee may contribute to an employer-sponsored plan.

Contribution Limits

The IRS imposes eligibility requirements based on compensation limits on retirement plans (e.g., 401K and IRA) subject to annual cost-of-living adjustments.

Eligibility

Some employers will match a portion of your contribution to a percentage of your salary, like 5%.

Match Contributions

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