Planning for Retirement: Savings and Insurance Tips
Life insurance can play an important role in saving for retirement. Learn more about insurance, retirement and your savings here today.
Planning for a comfortable retirement can be an intimidating task at any age whether you are just starting your career, starting your family, or approaching the big day. In our current economic climate, some may wonder if they will be able to retire. Thankfully, some simple planning at an early age can help you achieve your retirement dreams. Even if you didn’t start young, it’s never too late to start planning for those leisure-filled years.
First, let’s look at the retirement planning basics.
Retirement Planning Methods
There are many different ways to prepare for retirement. Many employers offer such retirement plans as a 401(k) or Individual Retirement Account (IRA). These savings and investment vehicles are often funded from automatic paycheck deductions, and then invested as directed by you and your advisor. Once you reach retirement age, you can begin collecting this money.
Some employers offer to match these funds, up to designated amounts. Depending on the plan and the current law, your investments may be tax free at the time of deduction as well. Check with your financial advisor and/or tax planner for the most accurate, up-to-date information.
Life Insurance & Retirement Planning
You can also invest and save privately for your retirement, in addition to your employer-based plans. This is where life insurance can become a retirement planning option. Certain types of life insurance can be used to help fund your retirement.
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