Expert advice on investment and retirement accounts [Video]

(InvestigateTV) — A recent Bankrate survey revealed that 57% of Americans feel behind on their retirement savings. For those looking to enhance their current strategies—or those just starting out—Gloria Garcia Cisneros, a wealth manager at LourdMurray, offers a foundational guide to retirement and investing.

According to Cisneros, there are two primary types of accounts to consider: investment accounts and retirement accounts.

Retirement Accounts

Retirement accounts, such as 401(k)s, 403(b)s, and 457(b)s, are designed for long-term savings. “There are also individual retirement accounts, or IRAs,” Cisneros explained. “These are dedicated to longer time horizons and come with tax advantages. The government encourages saving by allowing your money to grow tax-free until you withdraw it.”

However, she noted that these accounts have annual contribution limits and rules about when funds must be withdrawn, which are important to keep in mind when planning.

Investment Accounts

Investment accounts, also called taxable accounts, offer more flexibility but are better suited for …