If your goal is to retire with¬†enough money to live comfortably, you’ll need to do your best to sock away as much as you can during your working years.

While there’s no single magic retirement savings number to aim for, a ballpark estimate is that you’ll need about 80% of your former earnings to cover your expenses during your golden years. Since Social Security will only provide¬†about half of that at best, the remainder will need to come from the nest egg you’ve built.

What are the different types of retirement accounts?

Retirement savers have a host of tax-advantaged plans to choose from, and with contribution limits rising across the board in 2019, it’s easier than ever to boost your long-term cash reserves. Following are the types of retirement plans you might have access to in 2019, and we’ll define them and discuss their respective contribution limits for 2019.

Then we’ll dive into how to make the most of these accounts in planning for your retirement by leveraging the power of compounding over time and tax advantages.

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