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Monthly Archives: February 2017

The Top 3 Options for Saving for Retirement

Even the most devote fishermen must save for retirement. A good retirement fund will not only support you in your retirement but it will save you enough money to allow you more money for fishing equipment and trips. Figuring out how to save for retirement can be confusing and frustrating. To help relieve some confusion you need to educate yourself. Educating yourself will help you make sure you are choosing the best options for you and your future. The three most common retirement plans are pensions, 401K’s & IRA’s. Even after educating yourself on these retirement options it can still be a beneficial for you to hire an accountant and/or a financial adviser. While you are online educating yourself about your retirement options you can also look for discounts for your fishing supplies. Bass Pro Shop utilizes a website called Groupon.com to display the coupons and discounts that they currently have to offer.

Pensions are offered through businesses for their employees. Pensions are the easiest retirement funds. The company puts in all the money and the funds are professionally managed. These pensions are not being offered as much as they were in the past. Another type of pension is for those that are self employed or own a small business. This one is called a SEP IRA or a simplified employee pension. A SEP IRA is easier to set up than a 401 K.  A self-employed employer can contribute up to 25 percent of their income or $53,000, whichever is less. If the business has employees, the employer must contribute for all who meet certain requirements.

A 401 K is a retirement plan where you are in control over whether or not to participate and over how much you pay into the plan. One of the best aspects of this option is that employers match at least a portion of what you contribute and often they will match the contribution dollar for dollar.

IRA’s are a plan that you contribute to where your investment grows tax-free. IRA’s have a cap on how much an individual can contribute on a yearly basis. This amount doesn’t change until you reach 50. Your investment isn’t taxed until the funds are withdrawn. There are restrictions on when and how much you can withdraw.

When choosing your retirement plan, these are three of the top options to start your retirement package with. Having just a single plan won’t be enough to achieve a comfortable retirement. Diversifying your investments will help you achieve a larger return. Even if you diversify your investment, if you don’t invest enough money into each account there will still not be enough to achieve your retirement goals. In the end having enough money to enjoy your retirement is the end goal.