Every year, the government gives everyone a giant tax break: the IRA contribution window. For year 2021, it starts on the first calendar day (January 1st, 2021) and ends on tax day (April 15th, 2022). There is also an overlap, as between tomorrow and April 15th, 2021, you can contribute to your IRA for BOTH tax years.

Contribution is capped at $6,000 if you're under the age of 50, and $7,000 if you're age 50 or over.

There is a ROTH IRA option, which you can only contribute to if you make under a certain income threshold. The ROTH IRA is the mother-load, and if you are investing, you should contribute to your ROTH IRA above anything else. It's post-tax money, so you don't get an immediate tax break on it, but once you take the money out, at age 59 and a half or older, the money is all tax-free. There is no better deal in the US tax code.

If you're income is too high to contribute to a ROTH IRA, then a traditional IRA is something you should be contributing to. It's pre-tax money, meaning you can deduct your IRA contribution from your taxes. With traditional IRA, you get the tax break up front, but you must pay taxes on the money when you take it out.

If your income is too high to qualify for a ROTH, then strongly consider maxing out your traditional IRA contribution and then, doing a back-door ROTH conversion.

I know this sub has been flooded with posts about women recently, but you have to understand that you cannot do anything about that. The best thing you can do is to live the best life you can, and that means living below your mean, saving your money, growing your money, and pursuing your own goals and dreams.

Financial independence is my dream. I love my job, and I enjoy working, but I'm very aware that nothing is promised and nothing is guaranteed. I don't plan to ever permanently retire, because the people I know who have are all pretty miserable. However, I want to have the means to do what I want to do, and to be able to work on my own terms.

Remember, the greatest power is the ability to say "no", and only people who have leverage and who have abundance can say no. That works in all things, including your career. Never be dependent on an employer for a paycheck and you gain the ability to work on your terms.