1 No-Brainer Retirement Savings Move That You'll Thank Yourself for Later

A 401(k) may be the most popular retirement account, but it's not your only option. There are several other retirement accounts that you can (and should) take advantage of throughout your career, each with its own benefits.

A Roth IRA , in particular, has a unique benefit with its tax break: You contribute after-tax money and then take tax-free withdrawals in retirement, as long as you're 59 1/2 years old and made your first contribution at least five years ago. This retirement savings move can easily save retirees thousands in capital gains taxes .

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Roth IRA savings in action

As it stands, capital gains are taxed at either 0%, 15%, or 20%. Here's how much retirees could save based on their investment values:

Chart by author.

If the above capital gains seem farfetched in a Roth IRA, consider that investing $7,000 annually and averaging 10% annual returns could net you over $500,000 in capital gains in 25 years. Just imagine the savings for people who become Roth IRA millionaires .

Take advantage of a Roth IRA while you can

One downside to Roth IRAs is the income limit for eligibility. The silver lining, though, is that investments in your Roth IRA can continue to grow and compound even if you're no longer eligible to contribute. That's why taking advantage of it while you can is vital -- you won't regret it in retirement.

The $ 22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $ 22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

View the "Social Security secrets" »

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