Bob Freeman |
For the past ten years Bob Freeman has been helping people build more
money in their retirements. Now he has taken his successful strategies
to a new level by offering teleseminar courses to help people make a
better retirement for themselves than they ever thought possible. For
more tips and strategies see www.retirementwealthforyou.com or click here. |
Bob Freeman
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Retirement Savings: Choosing the Plan That's Right For YouBob Freeman
May 29, 2007
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The time to save for retirement is now! No matter how young or old
you are, the best way to ensure that you have what you need to enjoy
your retirement years, is to start putting something (even a small
amount) away throughout your entire career.
Saving for
retirement isn’t as hard as it may seem. Most employers offer some sort
of plan that provide tax incentives for employees. Others even match
worker’s contributions, giving them even more "free" money to sock away.
In
addition to employer-run savings plans, there are a variety of personal
retirement plans available today. Not sure which one is right for you?
Here are a few of the most popular ways to save for your retirement.
Check them out to see which one best suits your savings style, and, of
course, your budget.
Payroll Deduction IRA
The
time to save for retirement is now! No matter how young or old you are,
the best way to ensure that you have what you need to enjoy your
retirement years, is to start putting something (even a small amount)
away throughout your entire career.
Simplified Employee Pension (SEP)
Instead
of establishing a complicated profit-sharing or money purchase plan
with a trust, many employers are opting to opening SEP plans for
individual employees, which allow both the employer and the employee to
make contributions directly into an individual account which is not
tied to the company or other employees in any way. These are also
popular plans for the self employed.
401K Plan
The
most popular retirement savings plan being used today, the 401K is a
way for employees to save for their retirement, with contributions
often matched up to 50% (3% is required by law), a certain amount by
employers. Most 401K plans invest in diversified Mutual Funds for
better long-term profits.
Simple 401K Plan
Available
to companies and businesses with less than 100 employees, this
simplified 401K plan does not require employers to make a matching
contribution.
Tax Sheltered Annuity Plan
Annuity plans are available for many public school, college, church or hospital employees.
Profit Sharing Plan
This
unique type of retirement plan allows the employer to contribute to the
plan a discretionary amount each fiscal year in accordance to the
company’s annual profit.
Money Purchase Plan
Contributions are fixed in this type of savings plan
As
you can see, there are many options available these days regarding
retirement savings. Check with your employer to see which plans are
available where you work in order to take advantage of any tax savings
and added employer contributions.
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