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Retirement Advice
Are you trying to plan a retirement but have no idea where to get solid retirement advice? Are you wondering whether you need a retirement account in the first place? Do you know where to put your money for almost guaranteed profit? There are answers to all of your questions, thankfully. A little advice is here to help you get started on this long and lucrative journey.
1. Retirement is different now. How? People are living longer and staying more active. This can be a double edged sword. First, we will all have higher medical bills as we pay for those therapies that are extending our lives for a few extra decades. Second, we will have higher lifestyle expectations and need more money for activities and travel. One piece of retirement advice is to think big… that is, realistically.
2. No one is planning your retirement for you. If you thought Social Security would take care of it, think again. This government program, already on its last legs, will be flat on its face by the time you get around to collecting it. Pensions and retirement benefits are extinct at all but the largest and most generous employers, and most people can’t seem to save enough for a car much less several decades of living expenses. Clearly, you are going to need a plan. Get retirement advice, and consider every option.
3. It’s never too late, or too early. Because compounding interest can make up the lion’s share of retirement income, investing young and often can make a huge difference in your lifestyle after retirement. However, it’s never too late. Catch up contributions and other legislated advantages for middle aged Americans make it a little easier to make up for lost time.
4. Investment in the stock market is key to success. A good piece of retirement advice is to put the majority of you money in the stock market, as it earns around three times as much as everything else. Although the stock market fluctuates, it is still growing at an average of more than ten percent per year. I bet your savings and CD’s are nowhere near that. If you are intimidated by the stock market, try a solid mutual fund with a proven track record of good management and superior earnings.
5. Take any tax break you’re offered. Why? Because it’s free money! The government is already taking more than its fair share, so take advantage of every tax advantage, tax deferral, and tax break you can find. Refusing to take advantage of tax deferred plans such as the traditional IRA and the 401k is like handing the government a fat check—one written from your retirement account.
Your choice in tax deferred retirement plans is increasing every day, so get on the ball and find the one that is right for you. There is no shame is planning for the future, so figure out how much you’ll need for the retirement of your dreams and then get to saving!
Retirement Advice
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