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Retirement may be decades away, but it's never too early to start investing, even just a small amount at a time.
Last updated
Retirement may be decades away, but it's never too early to start investing, even just a small amount at a time.
Last updated
Your action plan
If your employer offers a 401(k) plan and will match your contributions, don't leave that "free money" on the table! Because contributions are taken from your pay before your employer withholds income tax, you may be able to reduce your tax bill, and more of your money will be able to go to work for you.If your employer doesn't provide a match, it's still important to now and let your earnings have an opportunity to work in your favor.Read:
You may want to think about opening an IRA in addition to or instead of a 401(k) plan if your employer doesn't offer one. Even if you have a 401(k), you may have more investment choices through an IRA.Whether you choose a Traditional or Roth IRA will depend largely on your income and age. (If you're a small business owner, you may also be able to contribute to a small business IRA).
Your contributions can grow tax-deferred (you don't pay taxes until you take a distribution, unless you've made a non-deductible contribution). Contributions may also be tax deductible.
; future withdrawals on contributions and earnings are generally federal tax-free if you meet certain criteria.Footnote 1Compare IRAs to see what's right for you. If you open an IRA, our automatic investment plan makes it easy to invest a small amount on a regular schedule, automatically.Footnote 2Get started:
If you're able to save and invest more, keep it going and make additional contributions to your 401(k). This could set you on a good track for the future and reduce your income tax burden even more. You can also contribute to an IRA.View the most current 401(k) and IRA contribution limits.
Get insights from Merrill to help you plan and invest for retirement.
You now have choices for what to do with your 401(k).3
Learn more about investing for this phase of your life.Ready to get started?888.637.3343Helpful tools & resourcesHow much could you need to retire?Get your personal retirement number with our easy-to-use retirement calculatorLearn about IRAsEnjoy tax-deferred growth and contributions that may be tax-deductibleEarnings grow tax-free; withdrawals are federal income tax-free and, in some cases, state tax-free if you meet certain criteria1Learn which IRA might be right for youNew to investing?Ready to get started?888.637.3343 Looking for a different approach to investing?An investment advisory program that combines the best features of online investing with a professionally managed portfolio.Footnote 1
