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Published by jasonred009898, 2019-01-10 03:57:40



Things You Need To Select The Right
Retirement Plans

Your Expected Retirement Costs

Choosing the right retirement plans should include an evaluation of your expected retirement
costs. These costs may be different for each person, and the ideal plan for your retirement will
allow you to save the amount of money that you expect to need once you decide to retire. Some
plans may not offer investment options that will provide the return needed to reach the desired
account balance. Make sure that you include all of the possible expenses faced after retirement;
otherwise you could choose a plan that falls short.

Your Anticipated Plan Contributions Each Year

The plan that you choose should factor in your yearly expected contributions and ensure that
your retirement goals can be achieved. Some plans may limit allowable contributions to a small
amount on an annual basis, and some plans may allow catch up contributions once you get
close to retirement age.

Tax Planning Advice

Finding the best retirement plans should include professional tax advice. The consequences of
poor retirement planning can be large tax liabilities, at a time when your income is needed the
most. Some plans utilize pre tax contributions that are taxed upon distribution, while other
plans use contributions made on an after tax basis so withdrawals are not taxed after
retirement. Tax advice can help you choose the right plans for all of your retirement needs and

A Professional Financial Planner

A financial planner can help you choose the best retirement plans for your unique goals and
financial needs at this stage in your life. A financial planner will help you to set financial goals,
and then outline steps you need to take so that these goals can be easily met.

A Good Retirement Calculator

A good retirement calculator can help you accurately calculate all of the expenses you will have
after you retire. This should be one of the first steps in retirement planning so that you do not
end up short on funds in your golden years. These tools can help identify unexpected costs and
expense that you may not have considered.

Your Annual Income Amount

Some retirement plans have certain restrictions concerning annual income amounts for
eligibility. Many 401K plans, IRA accounts, and other retirement options may not be open to
high income earners. Some plans may be intended for small business owners or self-employed
individuals, while others are intended for high income employees, and still others may be ideal
for low-income wage earners. You will need to know the annual amount that you earn to
determine which plan is right for your retirement needs.

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