9 Moves to Boost Your Retirement or Even Retire Early!

2) Put Your Savings in a Roth IRA

There are several different types of accounts you may use to save up for retirement. And while planning, you may have gotten a regular IRA because of the contribution tax deduction. But even though this immediate benefit may appeal to you, you have better long-term options. If you use a Roth IRA instead, the interest you receive on your contributions will be tax-exempt. Additionally, regular IRAs mandate that you take out some of the money each year once you hit a certain age. Roth IRAs do not, so your money can continue to accumulate interest even through your retirement years. Luckily, if you have a regular IRA, you don’t have to cancel it and start a new account from scratch. Instead, you can transfer your money to a Roth, pay the taxes on it once, and watch your savings grow.