Retirement Planning
It seems like yesterday you began college and today you’re graduating and starting a new job. Then, seemingly tomorrow, you’ll be permanently retiring from an otherwise long career in the workforce. In order to have a comfortable retirement enjoying a well-earned rest, you must begin retirement planning now.
Basically, retirement planning is planning for life after you’ve stopped working. It includes financial strategies—like saving, investing and expense forecasting—initiated now to support yourself in retirement. The earlier you start, the more it grows.
Individual savings accounts used for retirement
IRAs
Individual retirement accounts where monetary contributions are typically tax-deductible and earnings tax-deferred, where taxes are only paid when qualified distribution (withdrawals) are made in retirement.
Traditional Vs ROTH IRA
Social Security Benefits
The Old-Age, Survivors and Disability Insurance (OASDI) Program. Social Security is the US federal benefits program that provides a portion of replacement income loss to old age, death of a spouse or qualifying ex-spouse, or disability.
Social Security: The New Rules [2019]