Working is hard. If you are overqualified you get so bored that it almost becomes excruciating. If you do land a job that is challenging it may just be too difficult for you and fail miserably at it. You may even finally get lucky and find the job that fits your needs but still keep you interested.
No matter how much you do love your life, though. You would still want to stop working there given enough time. Everything loses its luster after a while. So, do not be surprised if you no longer want to put that uniform and punch-in in the morning.
However you do need to consider how you will finance your life without the job. Money isn’t everything in the world but it is still something you need one way or the other. Without money, how will you afford the basic necessities like shelter, food and clothing? You would need even more of it if you plan to live a lavish lifestyle when your time in the office is done.
Fortunately, there are some options for people looking to retire at some point in their lives. One retirement investment in particular can actually work for you. This is the IRA account.
The term IRA actually means Individual Retirement Account. This is a vessel specially designed to hold your money and grow it while you wait for your retirement.
The IRA does have some strict implementation guidelines that you do not normally see in other brokerage accounts.
One of the said regulations prohibit people from taking out the money prior to age 59 and a half, otherwise, there will be huge penalties involved. The contributions are also limited where they can only put in between $4,000 dollars or up to the amount of the total annual income.
The IRA is also stringent about the distribution. Although, you can start taking out money at around age 60, it is in no way required. When the owner does go up to the age of 70 and a half, then he or she is required to accept distribution, otherwise this could be penalized.
Tags: roth IRA, basic necessities, ira account, retirement account