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|Subject: Survey Reveals the Majority of Americans Are Saving for Retirement All Wrong Mon Apr 17, 2017 4:38 am|| |
|Where you save can make all the difference|
A 2016 end-of-year financial survey by NerdWallet found that 55% of individuals saving for retirement do so in a regular savings account. And for individuals between the ages of 18 and 34 -- so-called "millennials" -- the figure jumps to 63%.
While it's wonderful that these people are saving for retirement at all, they should be putting most or all of that money into tax-advantaged retirement accounts such as employer-sponsored 401(k)s and individual retirement accounts. Even taxable brokerage accounts are better options than savings accounts, though they don't offer any special tax benefits.
Here's why it matters so much where you stash your retirement savings.
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