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In this video segment from Your Life, Your Money, Maria Cortez is a partner in her family’s Mexican restaurant in New York City. Her goal is to retire at 55, and to arrange for her parents’ retirement. In the video, Maria discusses her future with a financial advisor. He discusses starting an individual retirement account (IRA), a private, tax-free, interest-bearing savings plan set up with a bank. The video also recommends that people who can get a 401(k), an employer-sponsored retirement plan, should participate immediately in the plan.
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