Wednesday, March 29, 2017

Are You Saving For Retirement?

Hey neighbors!

I have a confession here.  My husband and I are both over 50!  Now, I say that to bring up the subject of saving for retirement.  I have to honestly admit, that is something we did not even consider until recently.  Isn't that awful?  Somehow when you are younger it just doesn't seem that important.  Then, all of the sudden it hits you, what are we going to survive on when retirement hits!



There are so many different methods of saving for retirement.  You do not need to be an expert, and many of you may have someone go to for financial advice.  If you are not aware of all the benefits and drawbacks to different types of savings plans, be sure to check with an advisor.  Some plans make work better for different individuals too, or you may just know already what you want to do.

A 401K or a 403 (charitable organization, church, public school eligible) are pretty comparable.  The percentage on the money invested varies by a few percentage points.  You also have the option of bonds and CDs or IRAs.  Each of these has it's own benefits.  A savings account is another option, although the interest earned is of course based on the banking institution and the type of account.

Another thing to think about is whether you want to pay your taxes on the account now or later.  Pre-Tax Investments vs. Post-Tax Investments.  No matter which route you take, be sure it is the one that will work best for you and your family.  If you are not knowledgeable regarding the different choices be sure to have an advisor look over your plans and goals.  Better to do this now, then to find out later, that something else would have worked better for you.



Have an opinion on the subject?  Be sure to share that in the comments.  See you soon!

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