How To Start Your Own Retirement Plan?

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    David RacichPRO
    Fountain Hills, Arizona
    Once you have a full time job, you want to establish the discipline of paying yourself first. Paying yourself first is the money mantra of retirement planning. The first step is to determine if your employer offers a defined contribution plan like a 401(k), especially if the employer matches any portion of your contribution. If there’s no retirement plan at work, you may want to explore tax deductible IRAs that generate taxable income or nondeductible ROTH IRAs that generate tax free income at retirement.
     
    Answered on July 17, 2013
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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    The fundamental concept to understand is that you will earn a finite amount of money during your earning years.  That amount of money will meet your current needs.  Unless you shift some of that money into a retirement plan you may have a substantial decline in your standard of living when you stop working.  There are many ways that you can prepare for retirement but visiting with a retirement income advisor is the best. 
    Answered on July 31, 2014
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