The start of July marks the halfway point of the year, making it a great time to check in on your financial goals and adjust your strategy.

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Whether you're investing for retirement or just trying to grow your money faster, the right mix of accounts and investments can help. Here are four smart options to consider right now.

1. Roth IRA: Lock in tax-free growth

A Roth IRA is not an investment, but an investment account -- and it's one of the most powerful tools for retirement saving. Any investments held in a Roth IRA will grow free of capital gains tax or dividend tax.

Once you reach age 59 1/2, you can withdraw your money without paying taxes, a big win if you expect your tax rate to be higher later.

Roth IRAs also offer flexibility -- you can withdraw your original contributions at any time without taxes or penalties. That makes it a useful option for younger investors or anyone who wants a backup plan before retirement.

The 2025 Roth IRA contribution limit is $7,000, or $8,000 if you're 50 or older. You can only contribute to a Roth IRA if your income is below certain limits, so you'll want to check if you qualify. But if you do, it's a great place for your retirement savings.

2. Taxable brokerage account: Full control at a low cost

If you want to invest on your own terms, a taxable brokerage account gives you maximum flexibility. Although you won't enjoy the tax breaks of an IRA, you can invest with no income or contribution limits.

Taxable brokerage accounts are a great option if:

• You've maxed out your retirement accounts
• You want access to your money before retirement
• You're comfortable managing your own portfolio

3. Low-cost index ETFs: Simple, diversified growth

Index exchange-traded funds (ETFs) remain a smart choice for hands-off, long-term investors. These funds track broad market indexes, like the S&P 500 or the total U.S. stock market.

Because they're so diversified, you'll get reliable long-term returns -- instead of trying to pick winners, you're buying hundreds or thousands of stocks at once.

Total-market and S&P 500 index funds are widely used, and they have low fees and strong historical performance, making them great picks for anyone who wants a simple and effective investment.

4. High-yield savings accounts: Earn more on your cash

Your short-term savings don't need to sit idle. Even with cash you don't want to invest, you can earn 4.00% APY or more with a high-yield savings account (HYSA), offering a mix of growth and flexibility.

That makes HYSAs a great place for an emergency fund or building toward any short- or medium- term savings goals.

These accounts are typically FDIC insured, too, meaning up to $250,000 of your money is protected against bank failure. They also allow easy transfers to your investing accounts.

Make your money work for you

No matter what the market's doing, a good investment strategy strikes a balance between growth, flexibility, and risk.

Whether you're building a long-term retirement plan or just trying to grow extra cash, these four options offer a strong foundation for you to get started today.

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