While you can always turn your retirement plan around, the truth is that starting early is one of the best things you can do for your financial future. The longer you wait, the more you’ll need to save each year to make up for that lost time.
You can only take advantage of this tip if your company offers a 401(k) match, but this is an incredibly lucrative opportunity that many people miss out on. It’s essentially free money, and it’s one of the most common financial mistakes.
Most people are aware of common retirement accounts like 401(k)s and IRAs, but they may not know about the unique tax benefits that each option offers. Simply understanding the tax code will go a long way toward using your money more efficiently and prioritizing contributions for better returns.