Your retirement investment options are divided into two groups – employer sponsored plans or pensions - and individual plans.
Through legislation, government has created tax-advantaged rules for these plans to encourage individuals to save for their own retirement.
The following benefits and restrictions apply to most tax-advantaged plans:
On this Web site, under Retirement Financial Planning, we discuss several of these plans.
Your retirement provision and planning should start when you receive your first paycheck. And you should stick to your plan throughout your working life. That's the right option!
However, in real life it doesn't work that way. Very few of us actually do it in the right way. I certainly didn't!
I've got a feeling that visitors to this page are in the same boat. A little apprehensive that your planning and provision is inadequate for your retirement.
If that is the case, your options need some serious scrutiny.
Use the planners and calculators found on this Web site to educate yourself as to retirement planning and eliminate uncertainty.
Find a qualified and experienced advisor. Map your retirement plan with his assistance, but retain control at all times.
Make sure that you contribute the annual maximum, according to the tax-advantaged rules, to every retirement plan that you have. Most governments allow individuals of age 50 and over to make catch-up contributions to their retirement plans.
If you haven't done so already, get into retirement annuities. Retirement annuities allow your money to grow in a tax-deferred way.
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