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Planning For Retirement? Here Are All The Things You Should Save For | Inside Your IRA

Featured | checking retirement plan | Planning For Retirement? Here Are All The Things You Should Save For | Inside Your IRA | insurance

July 4, 2018 By Tyler Scott Leave a Comment

Planning for retirement definitely calls for organized saving. You don’t want to be working your whole life and have nothing left for the expenses that come with age. Before that happens, here are seven things you should plan to have for a comfortable retirement.

Planning For Retirement | Things You Need to Have

1. Individual Retirement Account

Also known as the IRA, this retirement savings program will help secure you financially when you hit retirement age. Since you’re personally setting this up, you get to decide how much money will go into this account. Opening an IRA account is easy. You can register online and start with relatively little. You also have the freedom to choose which financial medium it will be invested on. You can choose between stocks and bonds, among others.

How To Save For Retirement. Saving for retirement is easy. Here's a guide to help you get started. CLICK HERE

Decide which type of IRA suits your needs. You can choose between a Traditional, Roth, SEP or SIMPLE IRA. Deductions are made with every Traditional IRA contribution. It becomes taxable when you start withdrawing at ordinary income tax rates. Do take note that penalties will be incurred if you withdraw before the age of 60. Roth IRAs provide no tax break when you make a contribution. However, earnings and withdrawals are most of the time tax free.

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2. 401(k)

A 401(k) is a retirement savings plan sponsored by an employer. It lets you save and invest a piece of your paycheck before taxes are taken out. As an employee, it’s best to look for an employer that offers 401(k) matching or profit sharing. This system allows the company to match every dollar you put in towards your 401(k). Meanwhile, the profit sharing system lets the company deposit a specific percentage of their earnings to your 401(k).

3. House

The importance of owning your own home can’t be stressed enough. This goes especially so for the elderly since you don’t want your limited funds exclusively going to pay rent. It doesn’t matter if your home is located in an urban or rural area. What matters is that you have a place you can call your own.

4. Insurance Plan

elder woman computing and planning finances | Planning For Retirement? Here Are All The Things You Should Save For | Inside Your IRA
An insurance plan is definitely a must-have, especially if you have a family. It secures their future, giving you peace of mind. Buy a plan with critical illness benefits since it will serve as your sickness fund. Also, choose a plan that puts some of the funds in a stocks account. Once you hit retirement age, you’ll have a pretty good nest egg built up if you decide to withdraw the money.

5. Emergency Fund

A diverse investment portfolio is great, but it is also important to keep a stable fund in case you get sick or opt for an early retirement. Although it won’t earn like other financial instruments, an emergency fund removes puts your mind at ease in case of an unexpected or untimely event.

6. Health Insurance

Hospital bills can get expensive. It is very crucial you have health insurance, like Medicare, to relieve a portion of that burden. Medicare benefits eligibility starts at age 65 and each category (A, B, C, D) has corresponding premiums. Be sure to read each category thoroughly and plan ahead. Once you come up with your category of choice, look for other sources of funds to help take care of uncovered expenses like dental and long-term or custodial care.

7. Social Security Benefits

Social Security contributions should not be too hard to make as your employer will set this up for you. If you work freelance, you can still make voluntary contributions to make sure you receive a pension when you retire.

Saving money to prepare for something that is more than decades away can be very rewarding. Preparation is key, so be sure to plan ahead and put yourself in a position where you can take care of your own needs. If you fail to plan, you plan to fail. Start planning and saving for your retirement now so you can reap its rewards in the future.

Have you started saving for your retirement? Share your most effective money-saving strategies in the comment section below!

Up Next: NOW Is The Best Time To Plan For Retirement 

Planning For Retirement? Here Are All The Things You Should Save For | Inside Your IRA https://insideyourira.com/planning-for-retirement/

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