Wednesday, March 22, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Spending & Saving

67% of Women Are Investing in Non-Retirement Accounts. Here’s Why You Should, Too

MtR by MtR
October 28, 2021
in Spending & Saving
0
67% of Women Are Investing in Non-Retirement Accounts. Here’s Why You Should, Too


There’s a reason so many people are drawn to retirement plans like IRAs and 401(k)s. These accounts offer a host of tax benefits. Traditional IRAs and 401(k)s, for example, allow for tax-free contributions. Put $2,000 of your earnings into one of these accounts, and that’s $2,000 the IRS won’t tax you on.

But despite the benefits of saving in a dedicated retirement plan, a growing number of female investors are also using other accounts to grow wealth. Fidelity reports that 67% of women have investments outside of an IRA or 401(k), up from 44% in 2018.

Related articles

Investing in bonds? Know the 8 types first before you make a foray

Investing in bonds? Know the 8 types first before you make a foray

August 10, 2022
Times letters: Conserving energy and saving money – The Times

Times letters: Conserving energy and saving money – The Times

August 9, 2022

If you’re keeping your investments solely in a retirement plan, you may want to rethink that. Here’s why.

One email a day could help you save thousands

Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time.
Please read our Privacy Statement and Terms & Conditions.

The upside of having a brokerage account

While IRAs and 401(k)s offer nice tax benefits, those benefits come with strings attached. The money you save in one of these plans cannot be accessed before the age of 59 1/2. If you attempt to take a withdrawal sooner, you could face a 10% penalty on the sum you take out.

Say a need for money arises and you want to access some of the cash you’ve socked away in your retirement plan. If you withdraw $5,000 at age 40, you’ll lose $500 of that right off the bat unless you happen to qualify for an exception.

On the other hand, if you open a brokerage account and invest some of your money there, you’ll have more flexibility. Want to cash out some gains and use the money to fix up your home? That’s your choice. You’ll pay taxes on those gains, but taxes on gains also apply to traditional IRAs and 401(k)s. The only difference is that you get to defer those taxes until you take withdrawals. Or, to put it another way, you don’t have to pay taxes on gains year after year in an IRA or 401(k), whereas with a brokerage account, you’ll pay taxes on your gains the year you receive them.

The Ascent’s picks for the best online stock brokers

Find the best stock broker for you among these top picks. Whether you’re looking for a special sign-up offer, outstanding customer support, $0 commissions, intuitive mobile apps, or more, you’ll find a stock broker to fit your trading needs.

See the picks

What’s more, some retirement plans only offer limited investment choices. 401(k) plans, for example, generally don’t let you buy individual stocks. That could mean missing out on a big opportunity to invest the way you want and grow wealth.

When you open a brokerage account, you can invest in a nice mix of individual stocks, mutual funds, and ETFs. Some brokerages even allow you to buy cryptocurrency.

Take charge of your investments

Everyone should aim to save and invest for the future. But for women, it’s really important to take steps to set up a secure retirement.

Women are statistically likely to outlive their male counterparts, so it’s important to approach retirement with a strong investment mix. Saving in a retirement plan alone may limit your investment choices, causing you to fall short on your savings goals.

These days, there are many brokerage accounts to choose from, so it pays to do some research and compare features like fees and educational resources. Spending a little time finding the right brokerage account could set the stage for many years of successful investing.



Source link

Related Posts

Investing in bonds? Know the 8 types first before you make a foray

Investing in bonds? Know the 8 types first before you make a foray

by MtR
August 10, 2022
0

Updated: 10 Aug 2022, 08:44 AM ISTTL;DR.Putting money in bonds is an interesting investment option, though not many are not...

Times letters: Conserving energy and saving money – The Times

Times letters: Conserving energy and saving money – The Times

by MtR
August 9, 2022
0

Times letters: Conserving energy and saving money  The Times Source link

Indian Hotels’ Q1 is strong, but investors may not check in soon

Indian Hotels’ Q1 is strong, but investors may not check in soon

by MtR
August 9, 2022
0

The Indian Hotels Co. Ltd put up a solid show in the June quarter (Q1FY23). Occupancy and average room rates...

Turkey suggests saving Europe from energy crisis

Turkey suggests saving Europe from energy crisis

by MtR
August 9, 2022
0

The Turkish authorities have proposed to save the European Union from the energy crisis with the help of an "energy...

Are We Past Peak U.S. Inflation?

Are We Past Peak U.S. Inflation?

by MtR
August 9, 2022
0

Consensus expectations are for headline CPI to come in at mom, yoy, with the Core CPI report expected to print...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
Investment in overseas real estate surges : The DONG-A ILBO

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022
U.S. inflation CPI report, Wall Street, currencies

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022
Alberta oil production set new record in first half of 2022

Alberta oil production set new record in first half of 2022

August 10, 2022
Industrial Lubricants Market to Reach $71 Billion by 2027.

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022
U.S. inflation CPI report, Wall Street, currencies

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022
Alberta oil production set new record in first half of 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter