Top Ways To Prepare For Retirement
Know Your Retirement Needs – Retirement is expensive. Experts estimate that you’ll need about 70% of your preretirement income – lower earners, 90% or more – to maintain your standard of living when you stop working. Take charge of your financial future. Start by requesting Savings Fitness: A Guide to Your Money and Your Financial Future.
Find Out About Your Social Security Benefits – Social Security pays the average retiree about 40 percent of preretirement earnings. Call the Social Security Administration at 1.800.772.1213 for a free Social Security Statement and find out more about your benefits at www.socialsecurity.gov.
Learn About Your Employer’s Pension Or Profit Sharing Plan – If your employer offers a plan, check to see what your benefit is worth. Most employers will provide an individual benefit statement if you request one. Before you change jobs, find out what will happen to your pension. Learn what benefits you may have from previous employment. Find out if you will be entitled to benefits from your spouse’s plan. For a free booklet about protecting your pension, request What You Should Know about Your Retirement Plan.
Contribute To A Tax-Sheltered Savings Plan – If your employer offers a tax-sheltered savings plan, such as a 401(k), sign up and contribute all you can. Your taxes will be lower, your company may kick in more, and automatic deductions make it easy. Over time, compound interest and tax deferrals make a big difference in the amount you will accumulate.
Ask Your Employer To Start A Plan – If your employer doesn’t offer a retirement plan, suggest that it start one. Simplified plans can be set up by certain employers. For information on simplified employment pensions, order Internal Revenue Service Publication 590 by calling 1.800.829.3676. Or you can view a copy on the IRS Web site. You may also want to request a copy of Choosing a Retirement Solution for Your Small Business.
Put Your Money Into An Individual Retirement Account… continue reading.
Also read: How To Save $200,000 In 6 Months.
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