3 Key Terms to Know When it Comes to IRAs

Want to start a new retirement account but don’t know where to start?

Understanding basic investment terms is an important first step for managing your finances, especially if you are thinking about opening a retirement account like an an Individual Retirement Account (IRA) through Washington’s Retirement Marketplace. Here are some retirement terms you might see.

 

Consolidate or “Rollover”: Consolidating, or “rolling-over,” is when you combine all of your smaller retirement accounts into one main account. In most cases, rolling over your retirement accounts into one account can help you save money on service fees and manage your investments better.

Check with your IRA or retirement plan provider to see if they offer into your current . The Secure Retirement Plan (SRP) does not offer rollovers.

 

Compounding Interest: Compounding interest is when your money grows not just on what you put in initially, called principal, but also on the interest it earns over time, leading to bigger savings in the long run.

 

Diversify: Instead of investing all of your money in just one type of investment, diversifying means spreading your money across different types of investments. This helps lower the risk of if one investment doesn’t do well. To learn more about diversifying your retirement investment strategy, talk to a financial professional to see your options.

 

To get started saving more of your own money for retirement, consider opening an IRA like those on Washington’s Retirement Marketplace. The Washington State Legislature created the Retirement Marketplace so you can shop for state-verified, low-cost retirement savings plans.

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