Take advantage of employersponsored retirement plans from "summary" of The Automatic Millionaire Workbook by David Bach
Employersponsored retirement plans are one of the best ways to build wealth for your future. These plans, such as 401(k)s or 403(b)s, allow you to save and invest a portion of your income before it is taxed, which can significantly increase your savings over time. When you contribute to an employersponsored retirement plan, you are essentially paying yourself first. By automatically deducting a percentage of your paycheck and putting it into your retirement account, you are prioritizing your future financial security. Additionally, many employers offer matching contributions to their retirement plans. This means that for every dollar you contribute, your employer will also contribute a certain amount, up to a certain limit. This is essentially free money that can help your retirement savings grow even faster. Another benefit of employersponsored retirement plans is that they often offer a variety of investment options to choose from. This allows you to create a diversified portfolio that can help you maximize your returns while minimizing risk. One key advantage of employersponsored retirement plans is that they provide a tax-advantaged way to save for retirement. The money you contribute to these plans is typically tax-deferred, meaning you won't pay taxes on it until you withdraw it in retirement when you may be in a lower tax bracket.- Taking advantage of employersponsored retirement plans is a smart financial move that can help you build wealth and secure your future. By automating your savings, taking advantage of employer matches, and investing wisely, you can set yourself up for a comfortable retirement.
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