Read more on Penn-Trafford Star

Read more on Business Wire via Yahoo! Finance

The good news is it is never too late, or too early, to begin retirement planning.

What can I expect from Social Security?

The average social security payment is $1,063.90 per month. You can calculate your estimated benefit with an online calculator, or order a statement in the mail from the Social Security Administration.

Experts suggest you should prepare to have 70 to 90 percent of your pre-retirement income to maintain your current standard of living. Consider additional health care costs, especially if you choose to retire before you qualify for Medicare at age 65. A financial advisor could help you determine what you’ll need to save to supplement your Social Security, based on your estimated expenses. There are many options available to those seeking to supplement their social security income.

Take advantage of your company’s 401(k) plans: Your 401(k) gives you access to an immediate tax break because contributions are taken out of your paycheck prior to taxes, thereby lowering your taxable income. The growth is also tax deferred, so you don’t pay taxes each year on the increasing funds. In addition to those benefits, some employers match funds, often 50 cents on the dollar for the first 6 percent that you save.

Consider an IRA: Whether your company has a 401(k) plan or not, an IRA (Individual Retirement Arrangement) is an excellent way to compliment your retirement savings. There are two types of IRAs: traditional and Roth. A traditional IRA offers tax-deferred growth, meaning your contributions are tax deductible, and you pay taxes only on your withdrawals in retirement. A Roth IRA doesn’t allow for pre-tax contributions; however, you owe no taxes on your money when you make withdrawals in retirement.

Consider less traditional opportunities to grow or supplement your retirement investments: Taking a part time job during retirement will allow you to withdraw less from your IRA, thereby giving your money more time to grow. A reverse mortgage may be an option if you are 62 years or older, allowing you to convert the equity you have built in your home into tax-free retirement income. You may also want to consider your location. Moving to a less expensive area, or home, could help you stretch the retirement income you already have.

Retirement planning is best done with an experienced guide; consult with your financial advisor to determine the best path to a successful retirement for you.

The first step to making your retirement dreams come true is to think about what you want your retirement to look like. Do you picture yourself on a pink sanded beach in Bermuda; or on a cruise ship island hopping Greek Islands; or maybe traveling the small towns of the United States in a RV? You may only have ten years until retirement day or may its only five. Whatever your time frame, its never too late to start your retirement investment planning and to give your money the time it needs to work for you to help make your retirement dream come true.

Here are some tips to keep in mind when you are ready to start your retirement planning:

Calculate how much money you’ll need when you retire. This part of retirement planning depends on large part how you want to live during your golden years.

If your employer offers a 401K plan, include that in your retirement savings plan portfolio. Contributions made to your 401K plans are pre-tax and that’s the big advantage in making your money grow. When possible, contribute the maximum dollar amount you can to get the best “match” from your employer. There are some negatives with 401K plans, so be sure you know the terms of the plans you want to enroll in.
Some people plan their retirement by investing in a traditional IRA. With this type if retirement savings plan, you have complete control over your retirement planning – but again, there may be limits on the contributions you can make.
In an uncertain economy, many people use their retirement saving plans as a bank account to draw money whenever they need it – or cash it out when they lose a job or need money for a house or financial emergencies. If at all possible, leave your retirement account alone to let it grow. Find other way to finance you day-to-day living expenses.
Diversify, diversify, diversify. Every retirement plan should be diversifies to spread out the risk so that all your investments aren’t in one basket. If we learned anything from the recent setbacks in the economy, it should be never put all your money in one type of investment.
If you worked for a company that went bankrupt, your pension may still be secure. Do your research to find out if you have a pension you can rely on during retirement and figure that money into planning for retirement needs.

The current downturn in the economic condition, many people are nervous about investing their money in riskier, and potentially higher return investments. Instead, they are leaving their retirement monies in secure but low interest paying bank CDs or savings accounts, and having to delay the start of their retirement or downgrade their projected retirement lifestyle. If you want to keep your retirement on track and grow for you, but your are not sure where to find the best retirement plans to invest your money, get some retirement planning advice from a retirement planning expert and then make informed decisions to put the best retirement savings plans to work for you.



Having a real stable retirement savings plan may help, but you still need to see where you can get your income security when you retire. Some of the sources of income for current retirees are as follows: Pension, Social Security, Personal Savings, investments and part time or full time work.

Whichever source it comes from, should not be a big deal. What is important is for you to have retirement money. It is always best to start your retirement savings plan early in your career. Take advantage of any IRA and put in any amount just to get started.

However you want to spend it, retirement is supposed to be the best years of your life. Thus, you should prepare for it. Having a retirement income security is one way to ensure financial stability during retirement.

Most of us when we first start working have retirement as the last thought in our mind. You have other needs for your income. But, just as you stand there doing your job, one day you will be standing some where as a retiree.

Here are some sources for your retirement income security and its specifications so you may fully understand each of them:

Government Benefits – The amount of retirement benefits or pension that you will get from the government depends on which country you reside in. In the US if you retire before your retirement age, you can earn wages but they will be deducted from your Social Security. But, if you retire at full retirement age, you can earn any amount and you will still get full benefits.

Pension Plans – A pension benefit will depend on whether you are part of a defined benefit pension plan or a defined contribution pension plan. The best pensions are usually defined benefit plans that replace a maximum of 70% of your pre-retirement income. But, this type of plan is usually with a government agency or as an executive in a large company. There are many companies now that do not give pension plans other than contribution plans such as IRA’s or 401K’s.

Registered Retirement Savings Plans (RRSPs) – This will or has become one of the biggest sources of retirement income, since most employers don’t offer company pension plans. Social Security Systems may fall in this class. This is tremendously flexible plan, since you can take from this account subject to government regulated minimum amounts.

Non-RRSP Investments – Non-RRSP investments include stocks, bonds, GICs, mutual funds, and investment real-estate, which provide the most flexibility. What is crucial about this retirement income plan is the after-tax implications.

Income from work – Working in retirement is now one of the fastest growing trends in retirement planning. In fact, more and more retirees are now working in their retirement. Retirees have different reasons to work. Some maybe working for money, while others just want to keep themselves busy in order to maintain social relationships.

Regardless of your reasons for working, the fact remains that retirees working in retirement ought to do it. Working gives you extra cash and keeps your mind active and young. If you don’t use your brain as you age, you stand a good chance of become senile and dependent on others.

Once you become a dependent retiree, your retirement income security becomes controlled by your assigned administrator. Have you saved enough to become dependent on others?

Incoming search terms for the article:

• In the United States we do not need to plan for retirement Social Security will cover our needs when we are retired
• In the united states we do not need to plan for retirement Social Security will cover our needs when we retire
• malcom berko returement incom
• Social Security will cover our needs when we are retired
• social security will cover our needs when we retire

Read more on Marketwire via Yahoo! Finance

Incoming search terms for the article:

• bmo retirement institute

Read more on PR Newswire via Yahoo! Finance

Incoming search terms for the article:

• congress golden parachute