PLANNING FOR RETIREMENT

August 6th 2012 at 7:54pm Published by firstdownadmin

To live well in retirement, you no longer can rely solely on a company pension plan or Social Security. Instead, you will have to depend on how skillfully you plan and invest, and whether you make good use of tax-advantaged savings plans such as 401(k)s and IRAs.

Approache retirement planning using an eight-step process:

• Set your retirement goals.
• Assess your current financial position.
• Identify retirement income sources.
• Evaluate retirement risks.
• Understand health care issues.
• Invest your retirement assets.
• Manage your retirement income.

Best retirement plans to consider:

• Defined contribution plans.
• IRA plans.
• Solo 401(k) plan.
• Pensions.
• Guaranteed income annuities.
• The Federal government plan.
• Cash-balance plans.
• Cash-value life insurance plan.

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