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Many people dream of retiring one day, but few ever take the time to plan for it. Retirement is a time of hope and expectation. 

For many, it represents the end of a long journey that has taken lots of hard work and sacrifice. So, it's essential to ensure that retirement is as comfortable as possible.

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Social Security
Pre-retirement income
Saving
I'll spend less
Inheritance

Social Security won't last

Myth

Social Security won't last.

Fact

Though the solvency of the Social Security program is an ongoing topic of conversation, if you're in or nearing retirement, it is not likely to materially affect you. Adjustments made to Social Security in 1983 have greatly improved the program's long-term viability.

Pre-retirement income

Myth

I'll only need 70-80% of my pre-retirement income during retirement.

Fact

Estimating the amount you'll spend during retirement is complex and unique to each individual. Oversimplified rules of thumb deceive more than they illuminate, like 70-80% of pre-retirement spending.

Saving

Myth

You can't afford to save for retirement.

Fact

You can start saving for retirement now. Everyone has access to a traditional or Roth individual retirement account (IRA), even if they don't get a plan from their employer.

I'll spend less

Myth

I'll spend less (and pay fewer taxes).

Fact

Depending on your goals, you may be spending more in retirement than you thought, especially if you travel, visit your children and pursue new hobbies and activities. Also, inflation can erode your purchasing power over time.

Inheritance

Myth

My inheritance will take care of my retirement.

Fact

Some people use the potential for an inheritance as an excuse not to save for retirement. But, unfortunately, there are too many unknowns to plan your retirement for this outcome.

What are Retirement Plans?

A retirement plan is simply a way for people who have been employed before retiring - or planning on doing so eventually-to make sure that there will be money coming into their household once they're no longer earning wages. The best way to pick the right plan is to build a personalized roadmap that primarily caters to your specific needs, including details such as how much income is required for expenses like medical and prescription drug costs, if applicable. Retirees are thankful for the opportunity to stop working and enjoy life. They might live with family or in an assisted living facility, but they still want some form of supervision over their finances during this time away from employment.

What are the types of Retirement Plans?

401(k): The 'Standard' Employee Retirement Plan
If you're an employee, your employer's 401(k) could be a very convenient retirement plan option since companies usually strive to make them easy to set up and manage. In addition, many for-profit companies offer a 401(k) retirement plan as an employee benefit. Generally, you can contribute simply by diverting part of your paycheck into the retirement plan.

Traditional IRA: A Retirement Plan for Anyone
As the name suggests, traditional IRAs are tax-favored savings plans that people mostly open and manage. Almost anyone with taxable income can contribute to a traditional IRA, so an IRA may be appealing if you don't have access to an employer's 401(k).

Roth IRA: A Different Type of Retirement Plan Tax Advantage
The most significant difference between a Roth IRA and a traditional IRA is when you get the tax benefits. With a traditional IRA, you pay no income tax on your contributions, but you pay tax when you take the money out. A Roth IRA is the exact opposite: you pay taxes on the money you contribute, but you can withdraw money tax-free at retirement—so every dollar in your account goes into your pocket.

SEP IRA: For Small Business Owners and the Self-Employed
A SEP IRA (SEP stands for simplified employee pension) is a specialized type of IRA used mainly by self-employed people or small business owners, though technically, it can be used by any size company. These retirement plans may be easier and cheaper for employers than traditional 401(k) plans.

Simple IRA: A Simpler Small Business Retirement Plan
A simple IRA is another type of employee retirement plan for small businesses with 100 or fewer employees. If you're an employee and you participate in your employer's Simple IRA, you'll generally receive some contributions from your employer. Simple stands for "Savings Incentive Match Plan for Employees"; employers must either match employee contributions up to 3% of the employee's salary or contribute 2% of an employee's compensation regardless of any contribution from the employee. Employees are always fully vested—they can keep the employer's contributions whenever they leave the company. Employees can contribute up to $14,000 from their salary in 2022 or $17,000 if they're over 50.

Solo 401(k): For Business Owners with No Employees
Solo 401(k) plans, also known as individual or one-participant 401(k) plans, can help maximize retirement savings for self-employed people and business owners that don't have employees. They work a bit like regular 401(k) plans, except that you can boost your savings by contributing as both employer and employee.

What are the goals of a Retirement Plan?

Retiring comfortably is tricky, but with some planning and discipline, you can get there. You should start thinking about your retirement as soon as possible—the sooner, the better! The goal of a retirement plan is to provide financial security for you and your loved ones if you cannot continue working. In addition, a retirement plan can help you save for the future, reduce stress during tough times, and ensure that everyone receives a fair share of your estate when you die.

There are a few things to consider when designing or choosing a retirement plan: how much money will you need to be saved each year? How long will it take to reach your goals? What kind of risk are you comfortable with?

Once those questions have been answered, it's time to look at your options. Some of the options mentioned above will prove helpful in determining the right plan for you as well as the right course of action moving forward.

Planning for your retirement with insurance?

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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