Meet with an attorney and create a retirement strategy for saving your earnings in IRA’s and 401(k)’s. Be strict with yourself. Do not break your plan even for one week. The earlier you start, the better off you will be when it is time for you to retire. The United States Department of Labor estimates that you will need around 70 percent of your pre-retirement earnings once you retire to maintain your current lifestyle.
These plans are perfect for retirement. They don’t get taxed until they are cashed, so they grow in an account for years. Also, depending on your plan your employer may have to match your contributions to your account, so that you are putting back double. Despite these great plans in 2012 over 30 percent of private industry workers with access to 401(k) plans did not contribute to them. Do not let these opportunities pass you by.
If you invest young and hire an adviser to manage and grow your investments, by the time you retire you should have a nice chunk of change. Obviously, you need to find the right adviser for your needs, and formulate the best possible plan for the long-term with them. It is a good idea to put your money to work for you, so that you don’t have to constantly be worrying about saving all the time.
Your IRA’s and 401(k)s are often one of your largest assets. However, few individuals properly protect the retirement accounts for their beneficiaries because they are concerned about limiting the tax deferment. However, with the use of Stand Alone Retirement Plan Trusts, you can have your cake and eat it too, by naming your SRT as the beneficiary of your retirement accounts. This protects your beneficiaries from law suits and creditor actions sucking your retirement accounts dry.
Contact us for more information on retirement plans.
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