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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.
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Retirement Savings: Choosing the Plan That's Right For You

Bob 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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