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Retirement
Three things you didn’t know about retirement accounts.
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[QUOTE="Yusra3, post: 288180, member: 31907"] If you're thinking about retiring, it's important to know that there are a few things you probably didn't know about retirement accounts. But don't worry. Here are three things you didn't know about retirement accounts: 1. You can use your retirement account to invest in alternative assets. While traditional retirement accounts, such as 401(k)s and IRAs, are typically used to invest in stocks, bonds, and mutual funds, some retirement accounts, such as self-directed IRAs, allow you to invest in alternative assets such as real estate, precious metals, and private businesses. 2. You can borrow from your retirement account. Under certain circumstances, you may be able to borrow from your retirement account without incurring a penalty. For example, 401(k) plans may allow you to take a loan if you meet certain eligibility requirements, such as being a participant in the plan for a certain amount of time. However, it is important to be aware that if you default on the loan, you may be subject to tax consequences and may have to pay a 10% early withdrawal penalty if you are under the age of 59 1/2. 3. You may be able to contribute to multiple retirement accounts. Depending on your employment situation, you may be able to contribute to more than one retirement account. For example, you may be able to contribute to both a 401(k) plan through your employer and an IRA on your own. It is important to carefully consider the contribution limits and tax implications of contributing to multiple retirement accounts. [/QUOTE]
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Three things you didn’t know about retirement accounts.
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