- Retirement. For most people, saving for retirement is their toughest financial challenge. Max out contributions to tax-advantaged retirement plans. Then consider investing in taxable retirement investments.
- College. As tuition costs skyrocket, funding a child's education is near the top of every parent's list. But remember: Loans are available for college, often at low interest rates. Those loans aren't generally available for retirement costs, so you may want to divert any extra funds to your own savings first.
- Shorter-term goals, such as a down payment on a house. Consider, too, establishing or adding to a savings account for major, optional expenses, such as a big-screen TV or luxurious vacation.
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