Should You Be Stashing Retirement Savings in a Bank Account?
Where you put your retirement savings has a significant effect upon how fast your savings grow and when you can afford to retire. You've probably heard of IRAs and 401(k)s, maybe even the less common 403(b)s or self-employed retirement accounts, but what about a bank account?
It's a popular choice, with 66% of workers who save for retirement outside of work using one of these accounts, according to a Transamerica survey. But keeping your retirement savings in a bank account could actually hurt you in the long run. Here's why.
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Source Fool.com
