Using the FIRE Movement to Gain Financial Independence

Many people dream of the day they can leave work behind and start pursuing their lifelong dreams. But for most people, you’ll need to achieve financial stability and independence before you can leave behind your day-to-day job in exchange for a more fulfilling path. This is where the increasingly-popular financial independence, retire early (FIRE) movement comes in. 

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Choosing a Roth IRA

Roth IRAs can be a very effective way to save for retirement. The after-tax dollars won’t allow you to claim a tax deduction as you might on a traditional IRA, but withdrawals are not subject to federal income taxes when withdrawn after 59 ½ years of age, as long as the account has been opened for at least five years. Like a traditional IRA, interest, dividends, and capital gains are sheltered from taxes while inside the Roth.
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Why Should I Think About Retirement Planning?

If you’ve only just begun your career and are starting to collect a decent paycheck, the last thing on your mind is probably retirement planning. When you’re in your twenties and thirties, retirement can feel light years away, but it will get here much quicker than you can imagine. And when it does, you’ll want to be prepared.

And for those in their 40s and 50s, remember that it’s never too late to start saving for retirement. The most important thing is to just start.

Here are some tips for getting started:

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