From the course: Start Young for Your Best Retirement
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Investing vs. retirement savings: Why they're different
From the course: Start Young for Your Best Retirement
Investing vs. retirement savings: Why they're different
- Saving money for retirement is super important, 'cause you need to build-up as much savings as possible so you don't run out of money during retirement. But at the same time while you're saving for retirement you'll also need to save for other things, important things like buying a house or putting your kids through college, buying a car, furniture, vacations, electronics so you need to think of your long-term savings as two completely different pots of money. One's for retirement and one is for your working-life needs. In fact, you need to keep those two pots of money in two separate places. For retirement savings, most governments have allowed the finance industry to create accounts to help you grow your money without being hit by taxes. They have fancy names like IRA, 401K, RRSP and superannuation. Although the rules in each country differ, the basic assumption's the same. They are tax sheltered accounts that let your money grow as quickly as possible but because these accounts…
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