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.
- Guaranteed income annuities.
- The Federal government plan.
- Cash-balance plans.
- Cash-value life insurance plan.