Invest for retirement

 

Retirement may still be a long way off for you – or it may be just around the corner. No matter how near or far it is, you need to start saving for it now. However, saving for retirement is no longer what it used to be, given the rising cost of living and social security instability. You need to invest for your retirement instead of saving for it!

 

First, let’s take a look at your company’s retirement provision. Long ago these plans were pretty solid. However, after the Enron frustration and everything that followed, people are no longer as secure in their company pension plans. If you choose not to invest in your company’s retirement savings, you have other options.

First, you can invest in stocks, bonds, mutual funds, certificates of deposit, and money market accounts. You do not have to explain to anyone that the proceeds from these investments are to be used for retirement planning. Just let your money grow over time, and when certain investments reach their due dates, reinvest them and keep your money growing.

You can also open an individual retirement account (IRA). IRAs are very popular because the money is not taxed until you withdraw the money. You may also be able to deduct your IRA contributions from taxes you owe. An IRA can be opened at most banks. A ROTH IRA is a newer type of retirement account. With a Roth, you pay tax on the money you put in your account, but no federal taxes are owed on the payout. Roth IRAs can also be opened with a financial institution.

Another popular type of retirement account is the 401 (k). 401 (k) are usually offered by employers, but you may be able to open a 401 (k) yourself. You should speak to a financial planner or accountant to help you with this. The Keogh Plan is another type of IRA that is suitable for the self-employed. Self-employed small business owners may also be interested in Simplified Employee Pension Plans (SEP). This is a different type of Keogh plan that people usually find easier to manage than a regular Keogh plan.

Whichever retirement provision you choose, choose one! The same applies here: Do not rely on social security, company pension schemes or even an inheritance that may or may not come about! Ensure your financial future by investing in it today.

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