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As you approach retirement, you will want to explore your options for a confident and independent lifestyle. And retirement planning is one such way.
At CFCU Wealth Management our seasoned advisors are ready to guide you through all of your options and help you find the best retirement plan for your situation.
Planning for retirement is the process of determining your retirement income goals and developing a strategy to help meet them. It involves saving, investing, and managing your money to provide a steady stream of income throughout your retirement years.
Having a solid financial plan for retirement can help you:
It's important to note that the laws and regulations surrounding retirement are different in every state. That's why it's important to work with a professional who is familiar with regulations in your state and can help you plan accordingly.
Retirement plans can be characterized into two broad categories: defined benefit plans and defined contribution plans.
In a defined benefit plan, the employer promises to make specific monthly payments to the employee at retirement. These payments are based on salary history, length of service, and age, and they continue until the employee's death. The employer manages the plan assets and bears the investment risk and responsibility for providing promised benefits.
Defined contribution plans include profit-sharing plans, 401(k) plans, money purchase pension plans, employee stock ownership plans (ESOPs), 403(b) annuity contracts or custodial accounts, and 457(b) deferred compensation plans; in general, all of these types of retirement savings vehicles share several tax advantages that encourage people to save for retirement.
How do I start planning for retirement?Retirement is a big milestone in life, and it's never too early or too late to start planning for it. With the right guidance and discipline, you can set yourself up for a confident retirement. Here are the steps to get you started:
What are the stages of retirement planning?Retirement, like life itself, is a journey. It's not so much a destination as a series of phases you go through. There are different phases of retirement, and each is unique.
What is the most common retirement plan?The most common retirement plan is a 401(k) plan. A 401(k) is a type of defined-contribution plan where employees can save and invest for their retirement on a pretax basis. Employers can choose to match contributions made by employees, but this is not required.
There's nothing better than the freedom that comes from knowing you're financially prepared for retirement. You have worked hard to build a nest egg, and now it's time to ensure that your money lasts.
CFCU Wealth Management can help you create a plan that works for your unique situation. We will spend time discussing your goals, current finances, risk tolerance, income needs, and expenses. You never have to be alone when creating a meaningful financial plan.
Contact us today for more information.