How Money Can Be Saved For Retirement Goals Essay

884 Words 4 Pages
Google Consumer gave a survey on behalf of GoBankingRates.com to 5,000 adults and the survey concluded that about 62% of Americans have less than $1,000 in a savings accounts and 21% don’t even have a savings account. This is a serious a troubling thought. A huge percentage of Americans have little to nothing put away in a savings account,” says Cameron Huddleston, a personal finance analyst for the site. The implications of this is that many Americans are barely getting by and do not have funds available to cover emergencies. Their are many ways that money can be saved to ensure that Americans don 't find themselves in a bind.

Individual retirement savings account also know simply as a "IRA" was started by
Congress forty years ago. IRA 's were created for employees that didn 't have a pension to save for retirement, and in today 's time it has grown Into a valuable tool to help set retirement goals. Through this YouTube clip (http://youtu.be/16dmHPmTSQw), I found a clip that explained some of the benefits of saving money with an IRA. This clip explained the earlier in the year that you get the maximum amount into your account, means the more money you will make from that account, and save. Their is a maximum contribution that must be made based on age. If you are under fifty years old the maximum contribution is 5, 500.00, and 6,500.00 if you are over fifty. You save more money if you avoid the penalty fees if the money I 'd left in the account until the age of fifty-…

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