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Saving for Retirement (Without Living Like a Pauper or Winning the Lottery) Updated and Revised by Gail MarksJarvis

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3. Savings on Steroids: Use a 401(k) and an IRA

If you are like a lot of people, when you hear the word saving, the image of some sort of miser shoots into your head. Maybe you envision a pale, humorless guy hunched over a table, painstakingly ticking off numbers on a detailed budget with a pointy pencil—or maybe a penny-pinching parent or relative admonishing you to give up something fun.

You might want to shout, “I’m young, leave me alone! Saving for retirement is for old people—I have plenty of time for that stuffy behavior later in life.”

As I have written about saving for retirement over the years, people with that miser image in mind have repeatedly said to me, “If I don’t enjoy my youth while I’m young, when will I?” That might explain ...

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