Retirement (MP) Our latter years face no bigger threat than the prospect of our failure to create a retirement plan. Those who fail to plan for retirement usually end up scraping to get by, and not playing gulf. This doesn’t have to be you. Start saving now and find a retirement plan that best suits you.
Whether it’s a simple formula or one of the more advanced plans get started today. Because the sooner you create and start your retirement plan, the more financially secure your later years will be. Even small contributions made now can make a big difference over time. Let’s take the simple route and get started.
Developing your retirement plan
The first step to successful retirement planning is determining your saving goals. Figure out how much money you will need each month to support your retirement lifestyle. $4,500, $5,000 or $10,000. You will have to consider your age, how long you are likely to live, and the asset allocation you will need to provide reasonable growth. But make sure you’re not over-exposed to the fluctuations of the markets and inflation.
Choosing the right retirement plan
Begin cultivating multiple income streams, rather than relying solely on a 401k and social security. There are all types of retirement plans. Choosing the right plan depends on the target monthly amount you set when creating the plan above. Look inside the IRS “Types of Retirement Plans” to get more concrete information on the retirement plans found below:
Individual Retirement Arrangements (IRAs)
SIMPLE IRA Plans (Savings Incentive Match Plans for Employees)
SEP Plans (Simplified Employee Pension)
SARSEP Plans (Salary Reduction Simplified Employee Pension)
Payroll Deduction IRAs
Defined Benefit Plans
Money Purchase Plans
Employee Stock Ownership Plans (ESOPs)
409A Nonqualified Deferred Compensation Plans
Use a retirement plan calculator
After you’ve done some researched on which retirement plan you’re ready to invest in try MarketWatch’s Retirement Planning Calculator. It’ll help you to not only customize, assets, income and retirement spending, but keep you on track to living out your days comfortably.