It's Not Too Late to Make These Retirement Moves for the New Year
A new year means a fresh start, and there are few better things to do than making sure you know exactly where you stand financially. This is especially true when it comes to retirement accounts, which often are approached with a set-it-and-forget-it mindset.
Now's a great time to make the following retirement moves for 2023 if you haven't already.
IRAs can be great tools to help you save and invest for retirement because of the tax breaks they provide. With a traditional IRA, you can deduct your contributions, depending on your income, filing status, and whether you're covered by a retirement plan at work. However, the money is taxable upon withdrawal. With Roth IRAs, your contributions are not tax deductible, but you receive tax-free withdrawals in retirement.
Source Fool.com
