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Search resuls for: "Roth IRAs"


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☆ As a Black woman, I think every person of color should open a Roth IRA to take control of their retirement savings
  + stars: | 2020-10-01 | by ( Christina Cartwright | Stephanie Hallett | Read More | ) www.businessinsider.com   time to read: +6 min
In the US, 401(k)s are the most common retirement savings account. That's created a disparity in retirement saving — just 38% of Black households have retirement savings compared to 63% of white households. As a Black woman, I opened a Roth IRA to take control of my retirement savings no matter what my employer provides — and I think every person of color should do the same. This is a problem, since employer-sponsored 401(k)s are the most ubiquitous form of retirement savings account. A Roth IRA (Individual Retirement Account) is another tax-advantaged retirement account.
Persons: That's, —, Nari Rhee, Dr, Roth, I'd Organizations: Service, National Institute on Retirement Security, IRA, Roth IRA
☆ 3 money lessons I'm teaching my kids to overcome the racial wealth gap
  + stars: | 2020-06-04 | by ( Mariette Williams | Read More | Read Less | ) www.businessinsider.com   time to read: +6 min
I'm a mom of two black children, and I know the importance of teaching them good financial habits to build wealth and close the racial wealth gap. My parents modeled good financial habits for me, and I'm passing along three lessons to my kids: avoid debt, use a budget, and save and invest. The three most important things I'm teaching my children are to avoid debt, use a budget, and save and invest. Save and investLastly, I saw my parents save and invest. While I do want my kids to have wealth, it's not just about a sum of money.
☆ A financial planner says the best way to save for retirement depends on your answers to 2 questions
  + stars: | 2019-05-01 | by ( Caroline Lupini | Freelance Reporter | ) www.businessinsider.com   time to read: +5 min
The best way to save for retirement depends on a few different things, says one financial planner. And if you don't have an emergency fund, you'll need to prioritize that first before focusing on your retirement savings. Retirement savings depend on compound interest to grow over time, so generally, you want to leave any funds in retirement accounts untouched until retirement age. A Roth IRA also isn't an option for everyone, since there are income limits for the people who can contribute. "Whether to invest in a Roth IRA or not will depend on your tax bracket and retirement plan at work," he said.
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