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What is a personal retirement savings account?
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A personal retirement savings account is a long-term personal retirement account designed to enable you to save for retirement in a flexible manner. (this is especially important for people with no pension provision). Your PRSA is a contract between you and a PRSA provider in the form of an investment account.
When should one save for retirement?
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Say you start at age 25, and put aside $3,000 a year in a tax-deferred retirement account for 10 years - and then you stop saving - completely. By the time you reach 65, your $30,000 investment will have grown to more than $338,000, (assuming a 7% annual return), even though you didn't contribute a dime beyond age 35.
How can you invest?
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Making Safe Investments : 1. Invest in a savings account. Savings accounts, while not traditionally thought of as investment vehicles, offer a low- or no- minimum balance. 2. Try a money market account (MMA). 3. Start saving with a certificate of deposit, or CD. 4. Invest in Stocks. 5. Invest in retirement accounts.