October 21, 2017 | 7:18 pm
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Planning for Retirement

 

After spending a great portion of your life working, retiring is a highly-anticipated, much welcomed event in life. Spending your days on the beach fishing, at the Bingo hall winning big, and participating in other activities day in and day out certainly enable you to finally unwind and enjoy life as it is meant to be enjoyed.

But in order to make it to those golden years and retire, proper planning and strategizing must take place, as your need a great deal of money in order to retire and live comfortably. Do not assume that benefits received though Social Security Administration will be enough for you to live comfortably after you have retired. More often than not this is simply untrue. It is never too early to start planning for retirement. The sooner that you start, the ore money you’ll be able to accumulate.

It is a good idea to look into the 401(k) plans that are available from your employer. Your contributions are placed into this account that is used for retiring needs. The money you wish to put aside to the plan is deducted from your check each pay period. Many employer’s match your contributions up to a certain percentage, and if you quit your job, the money is returned to you. The great thing about the 401(k) is that you decide how much to contribute –and when. Other options for financial savings are also available, including the IRA. The IRA has its advantages –like offering penalty-free withdrawals and higher contribution allowances, but there are disadvantages as well. Talk to a retirement planner to learn more about the different plans available and to learn which is best for your needs.

It is a good idea to sit down and calculate how much you should put into your plan before starting one. Savings calculators are available to use free of charge to help you learn how much you should invest each pay period in order to retire at the anticipated age of 65. Factors such as your age at the time of starting the plan is used to help determine this amount. Use the calculator, as they are highly beneficial when you .want to be well –prepared.

Retiring isn’t that far away! You have so much to look for when those great years finally arrive. Ensure that you are financially prepared to handle the transition and live in harmony for the rest of your life.

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