Repeat after us: “Retirement savings are for retirement.” Again. “Retirement savings are for retirement.”
Why this mantra? Simple: The best place to put your savings is in tax-advantaged accounts. As with all things IRS-related, you’ll pay a penalty if you want to get your mitts on the moola before the golden age of retirement. So, once again: “Retirement savings are for retirement.”
Now that you’ve promised to put your money away for the long term, where should it go? You have many options when it comes to retirement accounts. We’ve pulled out the most important types and developed a general pecking order of where you should deposit your savings:
