Today’s $$ Word: IRA.
IRA: Stands for Individual Retirement Account. You can put money in and it’s tax-deductible, but you will have to pay income tax on it when you make a withdrawal. It’s a more advantageous vehicle than a regular 401k. Just keep it real, though: this is not a given for you. Remember, during the financial crisis, a majority of Americans nearing retirement age had $30k in their accounts, which was a disaster. Not to be Debbie Downer, but that could happen again. Keep that in mind, especially in an aggressive stock-heavy plan.