00:00saving for retirement is something everyone thinks about but struggles to follow through with one
00:09common obstacle is debt money talks news points to data by trans america center for retirement
00:15studies which says that almost half of working americans agree that debt keeps them from saving
00:20for retirement broken down by demographic groups gen z agree with the statement the most followed
00:26by millennials gen x and baby boomers if your company offers a retirement plan like a 401k
00:33and matches what you contribute take advantage of that free money contribute to a roth ira or a
00:40traditional ira depending on which one works for you with a roth ira you pay taxes as you contribute
00:47and with the traditional you pay taxes later on nerd wallet recommends you turn back to a 401k plan
00:53if you max out the ira the annual contribution limit for an ira is six thousand dollars or seven
01:00thousand if you're 50 or older
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