Here’s What It Takes to Be Wealthy During COVID-19

Now, another thing we should talk about is where to house your long-term savings. If you have access to a 401(k) through your job, that’s a good bet, as that will allow you to save in a tax-advantaged fashion. (An IRA is a good choice as well, though with an IRA, you’re limited to $6,000 in annual contributions if you’re under 50, or $7,000 if you’re 50 or older). That said, with a 401(k), you won’t be able to access your money until you’re at least 59 1/2. Withdraw funds earlier, and you could face costly penalties.

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