Planning for Retirement | Financial Buzz

Planning for Retirement

It’s the New Year, it means that you are also one year nearer to retirement. It does not matter whether you are ending a highly successful career or doing your first job, there are a number of things to learn when it comes to future savings. It is thus imperative that you make planning for retirement a part of the resolution you make for 2017.

Smart accounts

It is smart to put your money in a savings account that provides high yields. However, you must find one such account first. The US Treasury Department now provides a certain retirement savings option titled myRA. This account has no minimum limit and you can contribute what you can afford. Funds can also be easily withdrawn. It would be excellent if the employer also contributes a little amount of money. A 401(k) or the retirement plan sponsored by the employer could be a useful technique to pull aside the funds needed for eventual retirement. This is more especially if the employer provides matching funds on the money invested. In case you do not work for any employer who does not provide such kind of plans, a number of other plans are present to fulfill such savings desires.

Programs are crafted to suit a number of budgets. More amount of funds can be had if you begin to save at an earlier age. The grim truth is that many Americans near to retirement continue to struggle when it comes to planning for retirement and making viable investment decisions. According to a survey conducted by Hearts & Wallets, a consulting firm, about 52 percent of late career and 59 percent of the middle career respondents admitted to having problems when it came to planning for retirement.

Hard to choose

According to Laura Varas, the CEO and founder of Hearts & Wallets, a majority of retirement planning solutions at present are extremely focused on “providing income”. About 54 percent of the late career respondents to the Hearts & Wallets poll and about 47 percent of the pre-retirees told the company that they have found it hard or extremely hard to select the appropriate investments by themselves. The reality is that life is much more complicated than what is initially foreseen. Varas said that people have dreams and hopes. When it comes to boomers, the list of accomplishments that they want to see in their lives is extremely important to them. Such empirical retirement solutions miss the complexity associated with actual lives.

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