Which Retirement Plan Is Right for You?

Topics: Individual Retirement Account, Retirement, Pension Pages: 3 (1044 words) Published: March 4, 2013
“Which Retirement Plan is Right for you?”

There are many questions people ask themselves when they think about retirement options. Personally, I do not think enough people think about Their retirement options. Planning for retirement is very important for your financial future; Deciding on a retirement plan to suit your needs should be made after careful consideration. Many people depend on social security benefits for an income after they retire. Depending on your age, you might not have the option to collect your Social Security Retirement Benefits. Social Security states that the retirement age is 65. Social Security and disability programs have enough funds to cover the next twenty years, if we are lucky. That may all change in 2033. It has been predicted that in this year, the revenue and trust fund resources cannot maintain full payment of benefits. The social security benefits will decrease to three fourths of the full benefit and will probably decline less than that eventually. Three out of four Baby Boomers have stated that they did not save enough for their retirement. Some Baby Boomers are starting to collect their social security retirement benefits. It has been said that Baby Boomers are living longer than was predicted in the past. Seventy-five percent of Baby Boomers will continue employment beyond their retirement years. People need to look into some retirement options, other than social security benefits. By the time some of us retire, our benefits from social security will not be an option any longer. Choosing an alternative retirement plan is the best thing to do to ensure a financial future for ourselves and our families. There are a few retirement options to choose from. One option is 401k retirement plan, which has numerous benefits. Some employers offer this plan and will match the contributions you put in 100%. There are employee contribution limits of $17,500 a year. If you become disabled, you can...
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