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Retirement Planning
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It is essential to take the time to prepare
carefully for your retirement by assessing
your retirement needs accurately. There are
numerous Retirement Planning options
that can help you build a comfortable
future..
A defined benefit pension
normally provides a specific monthly benefit
following your retirement. This monthly
benefit is usually a percentage of your
final salary multiplied by the number of
years you've been with the company. A
money purchase pension provides either a
lump-sum payment or a series of monthly
payments. A profit-sharing plan is
funded by your employer with employee
contributions optional. Under an employee
stock ownership plan (ESOP), an employer
periodically contributes company stock
toward an employee's retirement plan. Upon
retirement, employee stock ownership plans
may provide a single payment of stock
shares. Tax-sheltered annuities or
403(b) plans are offered by tax-exempt
and educational organizations for the
benefit of their employees. Individual
retirement accounts, Keogh plans,
Savings Incentive Match Plans for
Employees, and Simplified employee
pensions are other examples of
retirement planning options.
In order to decide which plan is right for
you, it is advisable to consult a financial
advisor who specializes in Retirement
Planning. There are numerous resources
available to guide you in your selection.
Look into all your options
carefully before making a final decision. |
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