Want to Be an IRA Millionaire? 3 Tips All Retirees Should Know.
A 401(k) is the most common retirement account, but it's far from the only type of retirement account available. Another common account is an IRA. Unlike a 401(k), an IRA isn't tied to an employer and must be opened independently, similar to a bank or brokerage account.
There are two main types of IRAs: traditional and Roth. Both have unique benefits and can play a critical role in your retirement savings and investment strategy.
It's natural to want to boost your IRA balance as much as possible to prepare for retirement, and many people set their eyes on the million-dollar mark. And while that's a great goal, people should keep a few things in mind.
Source Fool.com
