Yahoo Finance Video
Getting started on your retirement savings can be confusing for many, from figuring out which strategy is the best approach to just discerning the difference between account types, like a traditional IRA (individual retirement account) and a Roth IRA. Maconomics Founder and CEO Ross Mac sits down with Brad Smith to explain the key differences between these retirement accounts and the next steps investors should take after simply opening these accounts. "That money is just sitting there. Your next step is now, what I recommend, is putting that into an index fund — most commonly [an] S&P 500 [fund]," Mac says, going on to discuss employers' 401(k) contributions. For more expert insight and the latest market action, click here to watch this full episode of Wealth! Editor's note: This article was written by Luke Carberry Mogan.