TV sometimes makes retirement look like a big long vacation people choose to take at the end of their careers if they want. But the truth is that at some point we will all be too old to work at the pace we work right now. If you think about it, you’ve never seen an 80 year old Denny’s waitress. (And if you did, she wasn’t looking too good, was she?) Eventually, we all retire. The question is whether or not you’ll be cooking dinner for your grandkids or eating at a soup kitchen. The difference is how much you save for the future.
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401K
A 401K is an employee sponsored retirement savings account that takes your contributions out of your paycheck. Some companies match your contributions to your 401K house. Whomever your company chooses to handle your 401K invests your contributions, which can affect the balance of your 401K. One of the biggest advantages of a 401K is that the gains made on the money are tax deferred.
