Should I Have a Retirement Plan?


There are different ways that you can go about saving money for your retirement, and no matter what method you choose, we are coming to a point in time with our economy that you have to set aside some money for your retirement, or you won’t have enough to live off of when the time comes.  Gone are the days when you could rely on retirement income from your employer and social security to get you through your golden years after you retire.  Now people are having to come back to the workplace after retiring simply because they don’t have enough money to support themselves.  By looking at resources such as, you can find out the best ways to invest your money for retirement.
What are some of the different kinds of retirement plans?

  • IRA

◦     An Individual Retirement Account (IRA) is different than other types of retirement plans because it offers you the opportunity to place the money in your account, usually on an annual basis, and then invest with it, if you so choose.  Like many other plans, the IRA allows money to accumulate and gain interest in the account until it is withdrawn.

  • 401(k)

◦     This is the type of retirement account that most of us are familiar with because it is provided through employers.  If you work for a company that offers benefits, most likely a 401(k) account will be one of the retirement benefits thait offers.  This account gives you the opportunity to put part of your monthly salary away each month, or even each pay period.
What are some advantages of having a retirement plan?

  • Live the same lifestyle after retirement

◦     One of the hardest adjustments for people to make is the adjustment of not having as much money as you had when you were working.  If you make the choice to try to depend on social security or other methods of funding for your bills and expenses once you are retired, you are going to be sadly disappointed.  Those sources of income will not give you the security you need to take care of yourself, and you will not be able to carry on the same lifestyle as you did.  You will have to give up many splurges and vacations that you are accustomed to because you didn’t invest the money wisely into a retirement account when you had the chance.

  • Taking advantage of tax benefits

◦     Many retirement plans give you the opportunity to invest money before you pay taxes on it, which means you’ll be earning interest on more money.  It gives you some great tax benefits to invest your money wisely.

  • Security for your family

◦     I think everyone goes through the period of time where they become concerned that they will not be able to provide for their family once they are retired.  Putting children through school or taking care of a spouse are some of the most important responsibilities that we take on if we have a family.  Investing money for the future will ensure that not only you, but your family as well, are protected from a financial mess.
After you have evaluated all of the choices available to you, pick a retirement plan and start to see the money collect in the account, knowing that this money will be there for you when you choose to retire, and you will be able to count on being protected from having to re-enter the workplace because you could not support yourself on your retirement funds.  Take the extra step and look into getting your retirement plan in place for your future.


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