Savings
When It Comes to Savings, Set It and Forget It
If you don’t have to think about savings and you never see the money, you’re more likely to leave it alone. Even small amounts each
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Want to do more to get to retirement? Or maybe you’ve got goals other than retirement on your mind? You can always open a brokerage or mutual fund account.
A brokerage account isn’t an investment itself. It’s a place to deposit money that will be used to purchase investments, like stocks, bonds or mutual funds. Mutual fund accounts can also be opened directly with a mutual fund company.
Unlike with the TSP or an IRA, you don’t get significant income tax advantages when you invest with a brokerage or mutual fund account. But you can typically withdraw whatever you choose, whenever you choose — without incurring penalties (though you may have to pay taxes).
Bottom line: there’s no one right approach. Use a combination of accounts to work towards your vision of the future. Maybe use retirement vehicles to help enforce long-term investing, and more general investment accounts to mix it up.
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