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Review Your Options for Comfortable Retirement

Review Your Options for Comfortable Retirement

Have you thought about your retirement options? Have you reviewed all of your options? Do you know what your pension and health will be? Following is a basic review of some of the pertinent questions you should be asking and some relevant solutions for a comfortable retirement plan..

Social Security

  • Do you qualify for Social Security benefits? If you have been in the work force, you probably have received that letter from the IRS telling how much you are eligible for if you retire right now. But is accurate? How much can you really rely on? For all these answers to and to get a benefit estimate from the Social Security Administration, call (800) 772-1213. Visit their website atwww.ssa.govĀ for more information.

Pension

  • Does your current or past employer provide a pension fund? Did you put in enough time to qualify or do you even know if you are eligible? If you are eligible to receive a pension when you retire, do you know how much you should expect? Factoring in inflation, will this amount be enough to live on? How long will these benefits last?

Spousal Income

  • Have you and your spouse talked about retirement? Will one of you retire first and you will, has your spouse agreed to continue to work? Also is going to be realistic to count on additional years of earnings through your spouse while you are in retirement?

A Plan

  • If you qualify, it is probably wise to set up your own personal IRA account. A mutual fund IRA is great idea or a retirement program offered through your bank may better suit your savings goals. But explore all the available options before making a decision. If you have a good amount of years until retirement, start contributing now to an aggressive growth fund. These can rapidly accumulate wealth although the risk is higher which is why you should only do this if you have time to recover in the event you lose money. As reach a more mature age, closer to retirement, go for less risk but good earning potential.
  • For many individuals, a tax-deferred annuity is a good option and offers tax advantages now while still promising income for tomorrow. Again, there is always risk with investment.

 

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Racchio

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