Fortune: “Want to retire a millionaire? Here is why you should open a Roth IRA–even if you have a 401(k) plan”
“For young people, saving for retirement may be low on your list priorities—somewhere between cleaning the bathroom and going to the DMV. Yet according to financial advisors, investing early in retirement accounts is your best bet to becoming a millionaire,” Lucy explains.
Yet, for investors who have some extra cash or don’t have an employer match, opening up a Roth IRA can take your retirement savings to the next level.
Marguerita says: “If you have dollars left over and you qualify, it can be helpful to have both a Roth IRA and a 401(k) pre tax account. When I’m working with individuals and families, I want them to get some tax savings today, but I also like them to have some tax savings in the future so the benefit of having both is they get some tax diversification.”