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Preparing For Retirement
When you think about retirement, you think about enjoying the rest of your life in peace without having to go to work. However, to have that type of lifestyle you need to prepare now. Retirement still requires the use of money and not having enough can cause individuals to work longer than expected. Not preparing for retirement now can leave you working well into your seventies, and it is best to know how to prepare for retirement now.
One thing to consider is how much money you will need. Although we can’t predict increasing prices or how the economy will do, it’s good to guestimate how much you may need in retirement. To keep your lifestyle the same as it is while you are working, you will need at least seventy percent of your current pre-retirement income.
It is also important to remember the Social Security benefits that you will receive. When you are ready to retire, you will be able to draw money from your Social Security benefits. Most benefits paid are equal to 40% of what you earned before retirement. Knowing the amount you will get back from Social Security can help you determine how much additional money is needed to save for a comfortable retirement.
If you are considering Individual Retirement Accounts (IRA), you can set one up with a financial institution. There are three different IRAs called Traditional, Roth and Rollover. They each have their own benefits and you should speak with your financial institution as to which will work best for you and your family. IRAs are an excellent way to help you save for your future.
Another source of retirement income may be from your work pension plan. Most companies offer a pension plan to their employees. It’s very important to understand how your company’s pension plan works. Ask for a benefit statement to review how much your pension is worth. Also, ask if your employment ends, what happens to your accumulated benefits.
If your employer offers a 401K retirement savings plan to their employees, you can contribute a certain percentage of your paycheck to a 401K. Your employer will also match your contributions up to a specified amount.
If you are working for a small business that doesn’t offer a retirement plan, then suggest one. There are options out there for small businesses to obtain a retirement plan for their employees. There are simplified plans which can be beneficial for both the employer and employee.
Keep in mind that once you start putting money into a retirement plan, you shouldn’t withdraw from it. When you withdraw money from you retirement you could face penalties and lose tax benefits as well. Withdrawing money now could also cause you to lose the principal and interest you would have normally gained by leaving the money in the account. Try to leave the money in your accounts at all costs. You’ll be better off later if you do.
Once you have started your savings and now know approximately how much you should be saving make sure you keep it going! If you want enough money for retirement, you need to keep saving until you have reached your goal. Once you have reached your goal and still have the means to keep saving, keep going. You can have a better retirement the more you are able to save.
Don’t be afraid to ask questions. Investing in your future is important. You can’t take any chances when it comes to how you live life after working.
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