Savings delayed is money lost. Nothing is gained by putting off your retirement planning. And, if your retirement plan offers additional benefits, that’s important, too.

You can start your IRA as early as age 18. The New York Times quotes Patricia A. Seaman, a spokeswoman for the National Endowment for Financial Education, who said, “The earlier you start the more the time value of money works for you.”

You can start your IRA as early as age 18

As you work for a living and earn money, you must understand money can make money. So, when you consider how to save money, you need to look at the three different Individual Retirement Accounts (IRAs) available to you. Each structure has different features and advantages.

IRA Explained

  • Traditional IRA: You make contributions now and deduct them from your tax return. The contributions grow without taxation until you withdraw them during retirement when you would be taxed at a lower rate.
  • Roth IRA: You make contributions with money that has already been taxed. The contributions grow tax-free, and your retirement withdrawals are tax-free if you meet certain conditions.
  • Rollover IRA: You move money from a qualified retirement plan, 401(k), or 403(b) plan into a Rollover IRA.

Six Reasons to Get an IRA Today

Start small: You don’t need much money to open an IRA Plan.

Most IRA plans require no more than a $100 deposit to get started. Then setup an automatic deposit of $25 or $50 per payday, and you will see that the money will soon go unnoticed.

Security fears: It’s becoming clearer that Social Security, as it is now configured, will not support the increased pressure of future generations.

The youngest workers cannot count on the entitlement Social Security has guaranteed in the past.

Your Retirement Plan: Six Reasons to Get an IRA Today

Tax breaks: Depending on the IRA structure you choose, you can benefit from tax benefits now and/or in the future.

Those breaks might encourage you to increase your current deposits or manage your future withdrawals favorably.

Miracle of compound interest: The mechanics of compound interest help money make money.

For example, if you start with $100 and save $100 monthly for 40 years, you will wind up with $36,100 under your mattress.

But, if you use an IRA paying 6% interest on the average, you will have $101,053. That gain that will make all the difference in retirement.

Financial illiteracy: Too many people are afraid to invest in the stock market.

You don’t need market expertise to see your investment grow.

There are conservative, moderate risk, and guaranteed investment vehicles available. You can get the help you need on a self-directed IRA from The Entrust Group.

Your retirement plan

Your Retirement Plan

Your retirement plan may be shortsighted if you have not started an IRA.

You can open yours at your bank, online, or with a local broker.

Access and advice are never lacking. Even the Internal Revenue Service is ready to help with extensive and clear information at

The IRS stands ready to explain the pros and cons of the different IRA opportunities. The IRS even acknowledges that the only disadvantage, is that you can only put in so much money each year. But, for the average investor, that’s no problem.