Attaining Retirement!!!

There are many different types of retirement accounts—401k, Roth IRA, SEP IRA, Traditional IRA, etc. While each account type can facilitate retirement for a wide range of scenarios and they have district advantages and disadvantages, my favorite is the Roth IRA for most people.Retirement accounts can be broken up into two primary categories—pre-tax and post-tax. A pre-tax contribution means that you contribute to your retirement before income taxes are collected and post-tax does the opposite. The thing about Uncle Sam is that he will get his money eventually. So if you choose a pre-tax account, you’ll pay taxes when you withdraw funds at retirement. And if you choose a post-tax account (such as a Roth IRA), you’ll pay taxes when you earn the money, but not when you take the funds out at retirement.The main reason I like Roth IRAs is that you could hypothetically accumulate millions of dollars towards retirement without the fear of future income taxes. Saving towards retirement at the beginning can be a little depressing because your portfolios don’t earn very much, but the key to unlocking massive gains towards retirement is to start ASAP and take advantage of compounding interest!Most young people could retire as millionaires with a financial plan and a few tweaks to their financial habits. So, what’s holding you back from financial independence?