So you’ve finally retired! After all the decades of hard work and stress, you are now in a position to put your feet up and take a well earned rest from it all. Whether you have been slaving in an office for the last thirty or forty years, or spending your time chasing after children day in day out, you and your partner deserve a break.
More importantly, you have earned to right to move to a retirement community that not only offers superior quality accommodation and facilities, but also the interesting and fun social networks that will see every minute of your retirement spent in comfort, relaxation and joy.
For many couples, choosing a retirement village can be a daunting task. It’s understandable too, since you have to factor in your future needs. After all, as you and your partner grow older, your needs will naturally change. It’s imperative to make the right decision now!
Choosing a retirement village or community requires homework, and there a number of things you need to consider. Probably the first concern will be the cost of the accommodation. No only are there entry costs to consider, almost all communities require recurrent charges, extra fees for services and increased fees if you need to move to a higher level of care. Having a budget will make things easier for you.
Checking the sort of contract that governs your accommodation is also a key step. Are you signing onto a loan/license, lease, strata or company title? Each contractual relationship is different and will effect your rights as a resident and the costs you may face.
Other considerations are access and location. No doubt you will want to be near to your family and loved ones, but easy access to shops, public transport and other services is an important factor as well. As far as access is concerned, remember that as you age, you may need a walking aid or wheel chair, so be sure to find a community that accommodates these.
The ability to upgrade to a higher level of care is also imperative. After all, if you become frail or unable to care for yourself, you will want the option of moving into an assisted care arrangement. Many retirement communities offer a spectrum of graded housing, from villa homes and independent living apartments, to assisted living apartments, long-term nursing care, short-term rehabilitative care, and specialized Alzheimer's/dementia care.
Choosing the right retirement community is a big step. But by thinking down the track you can be sure you and your partner will be comfortable and properly cared for, so that you can really get the most out of your golden years.
About the Author
John Kilminster writes for valleyrivervillage.com a website dedicated to helping people choose a retirement community that suits their needs.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=94121&ca=Aging
Tuesday, January 27, 2009
Thursday, January 22, 2009
Retirement Q&A: Understanding Your Options For Retirement Communities
* What are Active Adult Communities?
Active Adult Communities are specially designed communities for those who are age 55 and above. They are designed for a lifestyle best suited to their age.
These are for couples who have no children living with them anymore. They can enjoy living in this kind of community along with other people in their own age group. Here there are two to three bedroom houses being offered to their community members.
These active adult communities feature a lot of facilities and amenities that will cater to their favorite activities. Usually there are golf courses, clubhouses, parks, nature trails, and places where they can enjoy retirement.
* What are Independent Living Communities?
Independent Living Communities, otherwise known as retirement homes, are like condominiums and apartments where seniors and retirees capable of living independently can stay with their peers.
Here they can enjoy a lifestyle that is laidback and full of recreation together with other seniors and retirees.
This kind of community offers security and the convenience of community living while still being an independent person.
There are plenty of activities offered in this type of community that help keep community members fit, alert and comfortable.
* What are Continuing Care Retirement Communities?
Continuing Care Retirement Communities are a kind of community wherein retirees and seniors can obtain three different levels of community care programs. In continuing care retirement communities, a senior or retiree can choose from 1) independent living, 2) assisted living, and 3) nursing home care all within a single community.
For a one time or monthly fee basis, a retired person can avail of a living quarters, meals, health care in different levels and the company of other seniors and retired persons.
* What are Assisted Living Communities?
Assisted Living Communities can be differentiated by the different types of levels of assistance provided by the hosts of the communities as well as the different kinds of living units by their residents.
This is a community wherein retirees and senior citizen residents live together and requires some assistance in their everyday activities. Licensed and well-trained medical staff are at hand to provide service and assistance to their residents that either could not do their daily activity independently due to old age or because of an illness or ailment.
* What are Nursing Care Facilities?
Nursing Care Facilities, or Nursing Homes, provide a living community for senior citizens and retirees who need constant or daily care. Most states require a nursing care facility to have a license. They are expected to meet federal requirements such as having licensed and well-trained medical attendants.
Advanced aged residents can avail of medical attention all day. As well, they can live with other people with their same condition and enjoy daily activities that can keep them physically and mentally active.
* What are golf retirement communities?
As its name implies, a Golf Retirement Community is a living community wherein a golf course is centered. Retirees and senior citizens who love the game of golf get a chance to play the game they adore everyday.
This kind of community is designed to cater to the needs of those who are advanced in age and want to live in a community among their peers. Many amenities are available that do not only cater to golfing. They can enjoy other activities such as card playing, swimming, exercising and more.
This type of community offers different housing plans such as two door houses or apartment type living quarters.
* What are RV retirement communities?
RV retirement communities are where senior citizens or retirees live in RV’s or Recreational Vehicles that are parked in designated areas. RV Communities have permanent structures and facilities wherein residents can avail of many services such as recreation, medical and other physical activities.
A couple or single senior retiree can enjoy living independently in his RV but still get the attention he needs. Living with other retirees in their own RV’s cuts the cost of renting housing facilities or buying a home.
* What are rental retirement communities?
Rental retirement communities allow you to live in a community where you do not have an obligation to purchase a property. You can enjoy retired life to the fullest in a community where like-minded people can take pleasure in living in a community where they can get to do what they like.
A rental retirement community lets you live in a community where there are a various choices of living conditions. From luxurious villas to studio type apartments, you can stay as long as you want when you want it. You can take advantage of services like independent living, assisted living and nursing care living.
About the Author
Randy Yingger is a regular contributor to retirement-related websites such as Retirement FAQ. Website: http://www.Retirement-FAQ.com
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=46544&ca=Family+Concerns
Active Adult Communities are specially designed communities for those who are age 55 and above. They are designed for a lifestyle best suited to their age.
These are for couples who have no children living with them anymore. They can enjoy living in this kind of community along with other people in their own age group. Here there are two to three bedroom houses being offered to their community members.
These active adult communities feature a lot of facilities and amenities that will cater to their favorite activities. Usually there are golf courses, clubhouses, parks, nature trails, and places where they can enjoy retirement.
* What are Independent Living Communities?
Independent Living Communities, otherwise known as retirement homes, are like condominiums and apartments where seniors and retirees capable of living independently can stay with their peers.
Here they can enjoy a lifestyle that is laidback and full of recreation together with other seniors and retirees.
This kind of community offers security and the convenience of community living while still being an independent person.
There are plenty of activities offered in this type of community that help keep community members fit, alert and comfortable.
* What are Continuing Care Retirement Communities?
Continuing Care Retirement Communities are a kind of community wherein retirees and seniors can obtain three different levels of community care programs. In continuing care retirement communities, a senior or retiree can choose from 1) independent living, 2) assisted living, and 3) nursing home care all within a single community.
For a one time or monthly fee basis, a retired person can avail of a living quarters, meals, health care in different levels and the company of other seniors and retired persons.
* What are Assisted Living Communities?
Assisted Living Communities can be differentiated by the different types of levels of assistance provided by the hosts of the communities as well as the different kinds of living units by their residents.
This is a community wherein retirees and senior citizen residents live together and requires some assistance in their everyday activities. Licensed and well-trained medical staff are at hand to provide service and assistance to their residents that either could not do their daily activity independently due to old age or because of an illness or ailment.
* What are Nursing Care Facilities?
Nursing Care Facilities, or Nursing Homes, provide a living community for senior citizens and retirees who need constant or daily care. Most states require a nursing care facility to have a license. They are expected to meet federal requirements such as having licensed and well-trained medical attendants.
Advanced aged residents can avail of medical attention all day. As well, they can live with other people with their same condition and enjoy daily activities that can keep them physically and mentally active.
* What are golf retirement communities?
As its name implies, a Golf Retirement Community is a living community wherein a golf course is centered. Retirees and senior citizens who love the game of golf get a chance to play the game they adore everyday.
This kind of community is designed to cater to the needs of those who are advanced in age and want to live in a community among their peers. Many amenities are available that do not only cater to golfing. They can enjoy other activities such as card playing, swimming, exercising and more.
This type of community offers different housing plans such as two door houses or apartment type living quarters.
* What are RV retirement communities?
RV retirement communities are where senior citizens or retirees live in RV’s or Recreational Vehicles that are parked in designated areas. RV Communities have permanent structures and facilities wherein residents can avail of many services such as recreation, medical and other physical activities.
A couple or single senior retiree can enjoy living independently in his RV but still get the attention he needs. Living with other retirees in their own RV’s cuts the cost of renting housing facilities or buying a home.
* What are rental retirement communities?
Rental retirement communities allow you to live in a community where you do not have an obligation to purchase a property. You can enjoy retired life to the fullest in a community where like-minded people can take pleasure in living in a community where they can get to do what they like.
A rental retirement community lets you live in a community where there are a various choices of living conditions. From luxurious villas to studio type apartments, you can stay as long as you want when you want it. You can take advantage of services like independent living, assisted living and nursing care living.
About the Author
Randy Yingger is a regular contributor to retirement-related websites such as Retirement FAQ. Website: http://www.Retirement-FAQ.com
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=46544&ca=Family+Concerns
Saturday, January 17, 2009
The Benefits Of Using Retirement Planning Worksheets To Plan A Retirement
We all know that it is very important to plan our retirement, it doesn't matter what age you are or what you line of work is. All of us want to live the nice live we dream of after we retire. So we need plan that retirement as soon as possible and start to prepare for it when ever we can.
There are a lot of things that can help you with planning your retirement and one of those things is a retirement planning worksheet. Maybe you have use such a sheet at school or at your job. A worksheet can help you to get organized to get a good view of how your retirement strategy is going to look and workout in the future.
Planning your retirement with a worksheet, it is important
Deciding the amount of money that you will need once you retire is of course a very personal thing and not something that you can generalize for a few groups of people. Everyone has his or her own needs and expectations when they retire. But it is something that you can and must do. The height of this sum of money is calculated on the basis of certain factors, these include, how you lead your live in the present time and what the your health status is at this moment.
Keep in mind that a worksheet will not tell you what you will be saving in ten years from now, even 1 year from now will be difficult. It all has to do with factors that can change between now and one year. Nobody can really tell the future and a worksheet is not going to help you with that, what does do is keep you focused on what needs to be done to reach that end goal. The moment a factor changes you should change the worksheet and you see what that does for the planning.
The income factor could change in a positive sense, because of this you can raise the monthly payments and you could retire earlier or with more money, which ever you prefer. You can see that this is a factor a worksheet can not anticipate on and that is why it can not say what you will be paying every month in a year or 10 years from now, only what you will be paying in your present situation.
Worksheets are very good tools to help you with your retirement planning but there are also other and new ways and tools. Retirement planning software is such a new way of retirement planning. With this software you can get a detailed plan which can calculate your payment plan in to the future.
If you use this planning software then you are able to see the possible financial problems that could be ahead in life, things like spending to much money. Some people just don not know the amount of money that they spend each month, not realizing that they spend more then that comes in with their paycheck. The software will make it visible to you and will also show you that, often, by just not buying a few items you can be saving money before you know it, and this can be put towards a retirement savings plan.
Planning your retirement is important, and if you need a worksheet or software to makes it visual for you and gets you started then do so.
About the Author
John Chomsky worked as a consultant helping other people plan for their retirement. Almost forgetting his own. Take a look at his website if you want to find out more about defined benefit plan retirement choices or 403 b retirement plan via employer contribution.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=256386&ca=Finances
There are a lot of things that can help you with planning your retirement and one of those things is a retirement planning worksheet. Maybe you have use such a sheet at school or at your job. A worksheet can help you to get organized to get a good view of how your retirement strategy is going to look and workout in the future.
Planning your retirement with a worksheet, it is important
Deciding the amount of money that you will need once you retire is of course a very personal thing and not something that you can generalize for a few groups of people. Everyone has his or her own needs and expectations when they retire. But it is something that you can and must do. The height of this sum of money is calculated on the basis of certain factors, these include, how you lead your live in the present time and what the your health status is at this moment.
Keep in mind that a worksheet will not tell you what you will be saving in ten years from now, even 1 year from now will be difficult. It all has to do with factors that can change between now and one year. Nobody can really tell the future and a worksheet is not going to help you with that, what does do is keep you focused on what needs to be done to reach that end goal. The moment a factor changes you should change the worksheet and you see what that does for the planning.
The income factor could change in a positive sense, because of this you can raise the monthly payments and you could retire earlier or with more money, which ever you prefer. You can see that this is a factor a worksheet can not anticipate on and that is why it can not say what you will be paying every month in a year or 10 years from now, only what you will be paying in your present situation.
Worksheets are very good tools to help you with your retirement planning but there are also other and new ways and tools. Retirement planning software is such a new way of retirement planning. With this software you can get a detailed plan which can calculate your payment plan in to the future.
If you use this planning software then you are able to see the possible financial problems that could be ahead in life, things like spending to much money. Some people just don not know the amount of money that they spend each month, not realizing that they spend more then that comes in with their paycheck. The software will make it visible to you and will also show you that, often, by just not buying a few items you can be saving money before you know it, and this can be put towards a retirement savings plan.
Planning your retirement is important, and if you need a worksheet or software to makes it visual for you and gets you started then do so.
About the Author
John Chomsky worked as a consultant helping other people plan for their retirement. Almost forgetting his own. Take a look at his website if you want to find out more about defined benefit plan retirement choices or 403 b retirement plan via employer contribution.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=256386&ca=Finances
Monday, January 12, 2009
Retirement Planning Tip-How To Achieve Your Retirement Goals And Get Where You Want To Be
There are many people who will offer you a retirement planning tip to help you achieve the retirement you've always wanted. Of course, not all this information is good. First of all, you need to realize that the most important part of your retirement planning is your investing.
Most people pay very little attention to their investing activity, and simply let their employer handle where their 401k and other retirement money goes. Knowing this information yourself is crucial, because without understanding investing and knowing the best places to put your money, you will never achieve your retirement goals and lifestyle.
Of course, without having a specific plan in place, investing is all but useless. First of all, you need decide what kind of house you want to live in, and the overall lifestyle you wish to live when you retire. When you know this, decide how much money that will cost you.
When you have all this information, only now should you begin exploring investing options. For instance, if you need $1 million in the bank by 2030, your investing choices will be different than if you knew that you only needed $300,000 in the bank.
The main point is to find out how much money you will need when you retire, and find the right investment vehicle for you to help get you there. Of course, this vehicle will be different for everybody depending on their retirement needs; there is no right or wrong answer to where you invest. You can invest in real state, the stock market, mutual funds, bonds, etc. It really doesn't matter.
When you invest however, remember that the bottom line is always about the numbers. This is the number one retirement planning tip that just about everybody misses. Believe it or not, most investors never look at the financial situation behind the investment they are considering.
For example, in the stock market, many investors will simply look at how a stock price of the company's doing, and jump aboard only because the price is going up. There may be no profits at all behind that particular company (in fact there often aren’t) but they will still invest anyway, because their stock broker call them up and told them to.
Don't ever take this approach with your investing. Remember that whether you are investing in real state, the stock market, foreign currency, etc, it is always about the numbers in the financial situation. Before you invest, always look at the numbers and make sure there's profits in whatever investment that you are planning on doing, whether be real estate or to the stock market. This is probably the most important retirement planning tip you will ever get, because without knowing what the finances of the investment you are considering are like, you can never be certain it will make money.
This is by far the most important aspect of investing, and the only way to ensure long-term success. Don't ever jump aboard a particular investment just because someone hypes you up on it, gives you a tip on it, or because it looks good; if the numbers aren’t there now, they likely never will be.
So to recap the process: formulate your plan, figure out how much money you'll need to achieve your retirement lifestyle, and then find the right investment vehicle to get you there. When looking for the right investment, look only at the numbers. Follow this important retirement planning tip, and you'll achieve the retirement you've always wanted to, no matter how lofty or ridiculous you think your goals may be.
About the Author
For retirement planning investment and retirement planning calculators info, visit online retirement-planning.com.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=197899&ca=Finances
Most people pay very little attention to their investing activity, and simply let their employer handle where their 401k and other retirement money goes. Knowing this information yourself is crucial, because without understanding investing and knowing the best places to put your money, you will never achieve your retirement goals and lifestyle.
Of course, without having a specific plan in place, investing is all but useless. First of all, you need decide what kind of house you want to live in, and the overall lifestyle you wish to live when you retire. When you know this, decide how much money that will cost you.
When you have all this information, only now should you begin exploring investing options. For instance, if you need $1 million in the bank by 2030, your investing choices will be different than if you knew that you only needed $300,000 in the bank.
The main point is to find out how much money you will need when you retire, and find the right investment vehicle for you to help get you there. Of course, this vehicle will be different for everybody depending on their retirement needs; there is no right or wrong answer to where you invest. You can invest in real state, the stock market, mutual funds, bonds, etc. It really doesn't matter.
When you invest however, remember that the bottom line is always about the numbers. This is the number one retirement planning tip that just about everybody misses. Believe it or not, most investors never look at the financial situation behind the investment they are considering.
For example, in the stock market, many investors will simply look at how a stock price of the company's doing, and jump aboard only because the price is going up. There may be no profits at all behind that particular company (in fact there often aren’t) but they will still invest anyway, because their stock broker call them up and told them to.
Don't ever take this approach with your investing. Remember that whether you are investing in real state, the stock market, foreign currency, etc, it is always about the numbers in the financial situation. Before you invest, always look at the numbers and make sure there's profits in whatever investment that you are planning on doing, whether be real estate or to the stock market. This is probably the most important retirement planning tip you will ever get, because without knowing what the finances of the investment you are considering are like, you can never be certain it will make money.
This is by far the most important aspect of investing, and the only way to ensure long-term success. Don't ever jump aboard a particular investment just because someone hypes you up on it, gives you a tip on it, or because it looks good; if the numbers aren’t there now, they likely never will be.
So to recap the process: formulate your plan, figure out how much money you'll need to achieve your retirement lifestyle, and then find the right investment vehicle to get you there. When looking for the right investment, look only at the numbers. Follow this important retirement planning tip, and you'll achieve the retirement you've always wanted to, no matter how lofty or ridiculous you think your goals may be.
About the Author
For retirement planning investment and retirement planning calculators info, visit online retirement-planning.com.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=197899&ca=Finances
Wednesday, January 7, 2009
Retirement (Baby Boomers) Careers - Plan For Retirement
If you are one of the many who were born between 1946 and 1964, and have been deemed "baby boomers" than you might be finding that there is clear difference between the retirement that you are looking towards and the retirement that your parents had. For many reasons, retirement is not the same anymore. Face it, it's far more expensive to live in the world today than it was when your parents retired, you will need quite a bit more money in order to maintain your current lifestyle. This might be in part because baby boomers tend to give into their wants and desires a lot more than previous generations did. If you want something, you go out and buy it right now, not in a few months or a few years. Also due to insights into health and fitness, you are healthier than your parents were at your age. Because of all the awareness, vitamins, and exercise, people are living longer than other generations did.
So what does all of this mean for your retirement plans? It means that you are going to still have to work while in your retirement years, even if it's just part time. Due to the financial stress of many households, lack of financial planning, and lack of savings, many don't have the choice of working or retiring. In order to pay the bills they have to work. So because it is evident that baby boomers have to keep working, what are some of their career plans? Some plan to work just part time, others plan to start their own business, and another portion of baby boomers decide to start a whole new career during their retirement years.
Many who are entering the retirement age have no plans to stop working. This is not solely from the need for a continuing income, but from their own desire. Many baby boomers prefer to keep working to stay both mentally fit and physically active. Those who wish to change their line of work during their retirement years takes steps such as classes at local colleges or other trade schools. A large portion of retirees who have worked for others for such a long time, begin to look toward careers where they can share their knowledge and give something back to the community. For this they look into teaching positions or other areas that they can share a little of themselves for the benefit of others.
Many companies are choosing to take advantage of the overflow of boomers who wish to continue working long into their retirement years. They have provided more flexible schedules, telecommuting, coaching, and mentoring. They have also maximized their benefits to attract those who are looking for healthcare. No matter what your plans for retiring or not retiring might be, it's also quite important to make sure that you have some sort of savings such as a 401k in place to serve as a cushion, or a savings account. Although social security still exists, it might not be wise to count on it as a main point of income in the retirement years.
About the Author
Gary Giardina More retirement info: http://retirementcareersplan.com/
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=230103&ca=Career
So what does all of this mean for your retirement plans? It means that you are going to still have to work while in your retirement years, even if it's just part time. Due to the financial stress of many households, lack of financial planning, and lack of savings, many don't have the choice of working or retiring. In order to pay the bills they have to work. So because it is evident that baby boomers have to keep working, what are some of their career plans? Some plan to work just part time, others plan to start their own business, and another portion of baby boomers decide to start a whole new career during their retirement years.
Many who are entering the retirement age have no plans to stop working. This is not solely from the need for a continuing income, but from their own desire. Many baby boomers prefer to keep working to stay both mentally fit and physically active. Those who wish to change their line of work during their retirement years takes steps such as classes at local colleges or other trade schools. A large portion of retirees who have worked for others for such a long time, begin to look toward careers where they can share their knowledge and give something back to the community. For this they look into teaching positions or other areas that they can share a little of themselves for the benefit of others.
Many companies are choosing to take advantage of the overflow of boomers who wish to continue working long into their retirement years. They have provided more flexible schedules, telecommuting, coaching, and mentoring. They have also maximized their benefits to attract those who are looking for healthcare. No matter what your plans for retiring or not retiring might be, it's also quite important to make sure that you have some sort of savings such as a 401k in place to serve as a cushion, or a savings account. Although social security still exists, it might not be wise to count on it as a main point of income in the retirement years.
About the Author
Gary Giardina More retirement info: http://retirementcareersplan.com/
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=230103&ca=Career
Friday, January 2, 2009
Retirement FAQ: Answers To Common Questions About Retirement
* Why are 401k plans so popular?
401(k) plans are popular because they let an employee allocate a certain amount of his or her salary to a retirement plan. This retirement nest egg is usually tax-free until the retired person begins to take money out of it after retirement.
The employee can also decide the amount he or she wants to contribute from each paycheck to their 401(k) plan. If times are rough, they can reduce the amount and then increase it later on. In difficult times they also take a loan against their 401(k) plan.
* What does it mean to be vested in a retirement plan?
Being vested in a retirement plan means that you have full access to your contributions. For example, in a 401(k) plan, you can take everything that you have contributed to that plan. If you have a retirement plan wherein you have contributed a certain percentage of the contributions, you can take that percentage with you if you leave that employer before you retire.
* How does a retirement plan affect Social Security when I retire?
Some Social Security plans assume a person has contributed to 401(k) plan while he or she was working. If this is not the case, the person may not get the best possible benefits during his or her retirement.
There are many who do not take into consideration their Social Security when they do their retirement planning. As Social Security is amended, different laws will require different kinds of planning. With a well-thought-out retirement plan, you can combine a private retirement plan with your social security benefits.
* Should I take early retirement?
Early retirement sounds great for many people. They can finally have all their time to themselves. You could go fishing, take vacations, spend some time with the family, and everything else you ever dreamt of doing.
But this is only a viable plan for those who have the resources to sustain their needs. So to answer the question, maybe. Early retirement is an option for those who can afford it, but the average employee doesn’t have the right retirement plan until they are in their early fifties.
But if you have enough resources to meet your needs after retirement, then why not retire early? An early retirement is a great reward for those long years of hard work.
* How can I make the transition into retirement?
Moving from an active career into retirement can be a tough move for anybody. While at the start it might be considered fun, many have found it to be boring in the long run.
To make the transition into retirement, you have to prepare yourself for the extra time you will have. Plan your finances, as well. Make sure that you have enough to sustain you in the years ahead.
Take a look into your lifestyle. If you are alone, you may need to move into a retirement community where in you can have a lot of company. Loneliness is one of the hardest things about retiring. Plan your retirement very well; know what you want to do for the rest of your life.
About the Author
Randy Yingger is editor of Retirement Yes!, the online guide to Retirement. He also writes Retirement FAQ's for PrettyGreatAnswers.com.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=98958&ca=Aging
401(k) plans are popular because they let an employee allocate a certain amount of his or her salary to a retirement plan. This retirement nest egg is usually tax-free until the retired person begins to take money out of it after retirement.
The employee can also decide the amount he or she wants to contribute from each paycheck to their 401(k) plan. If times are rough, they can reduce the amount and then increase it later on. In difficult times they also take a loan against their 401(k) plan.
* What does it mean to be vested in a retirement plan?
Being vested in a retirement plan means that you have full access to your contributions. For example, in a 401(k) plan, you can take everything that you have contributed to that plan. If you have a retirement plan wherein you have contributed a certain percentage of the contributions, you can take that percentage with you if you leave that employer before you retire.
* How does a retirement plan affect Social Security when I retire?
Some Social Security plans assume a person has contributed to 401(k) plan while he or she was working. If this is not the case, the person may not get the best possible benefits during his or her retirement.
There are many who do not take into consideration their Social Security when they do their retirement planning. As Social Security is amended, different laws will require different kinds of planning. With a well-thought-out retirement plan, you can combine a private retirement plan with your social security benefits.
* Should I take early retirement?
Early retirement sounds great for many people. They can finally have all their time to themselves. You could go fishing, take vacations, spend some time with the family, and everything else you ever dreamt of doing.
But this is only a viable plan for those who have the resources to sustain their needs. So to answer the question, maybe. Early retirement is an option for those who can afford it, but the average employee doesn’t have the right retirement plan until they are in their early fifties.
But if you have enough resources to meet your needs after retirement, then why not retire early? An early retirement is a great reward for those long years of hard work.
* How can I make the transition into retirement?
Moving from an active career into retirement can be a tough move for anybody. While at the start it might be considered fun, many have found it to be boring in the long run.
To make the transition into retirement, you have to prepare yourself for the extra time you will have. Plan your finances, as well. Make sure that you have enough to sustain you in the years ahead.
Take a look into your lifestyle. If you are alone, you may need to move into a retirement community where in you can have a lot of company. Loneliness is one of the hardest things about retiring. Plan your retirement very well; know what you want to do for the rest of your life.
About the Author
Randy Yingger is editor of Retirement Yes!, the online guide to Retirement. He also writes Retirement FAQ's for PrettyGreatAnswers.com.
Published At: www.Isnare.comPermanent Link: http://www.isnare.com/?aid=98958&ca=Aging
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