Save for retirement from "summary" of The Only Investment Guide You'll Ever Need, Revised Edition by Andrew Tobias
The concept of saving for retirement is crucial. It's not something you can put off until later. You need to start as soon as you can. The earlier you start saving, the more time your money has to grow. This is because of the power of compounding. If you start saving in your twenties, you'll have a lot more money when you retire than if you wait until your forties or fifties.
One way to save for retirement is through a 401(k) plan. This is a retirement savings plan offered by many employers. You can contribute money to your 401(k) directly from your paycheck before taxes are taken out. This means you're saving money on taxes, which can help your savings grow even faster. Some employers even match a portion of your contributions, which is essentially free money for your retirement savings.
Another option for saving for retirement is an Individual Retirement Account (IRA). There are different ty...
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