Specific Goals
Saving and investing money is a good idea, no matter what the end goal. Should you have a specific financial goal for which you’re saving, however, some investments are better than others.
This is particularly true when accumulating money to pay for college and/or retirement. That’s because the government views these as legitimate goals that not only help individuals but also strengthen the nation’s economy.
Consequently, the government provides specific tax advantages for some investments and not others–as a motivator to encourage people to save for targeted goals.
College Savings
Believe it or not, there are better ways to pay for college than taking out a second mortgage on your house. Read on for some of the newer plans offering tax incentives.
Retirement
40% of Americans believe that their best chance of providing for retirement will be through winning the lottery. Alas, there are better ways to increase your odds.
