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Retirement Basics
By michael dinich dinich
With the cost of living increasing every year and frequent changes in tax laws, it has become increasingly difficult for people to make plans for the future. The problem with retirement plans is that, they are based on the principle and assumption that 10 or 20 years from now the cost of living will be higher by a given factor. With tax laws changing and the cost of living increasing erratically, it has become difficult to estimate how much a person should contribute towards his retirement fund.

If you are looking to retire sometime soon, or are planning on investing in a retirement plan, then here are a few tips to help you choose a retirement plan that will take care of all your needs after retirement. Before you go ahead and commit to any kind of retirement plan make sure you read all the paperwork involved, by reading the paperwork you are ensuring that you don’t end up biting off more than you can chew, some retirement plans require a person to follow a strict payment regime and sometimes more than one missed payment can mean that a person ends up loosing his entire investment. It is therefore essential to read all the paperwork and know clearly how much you will be contributing annually or monthly to your retirement plan.

Another thing that you need to keep in mind while choosing a retirement plan is flexibility of payments. Most retirement plans require a person to pay a minimum yearly amount, you should look for a retirement plan that allows you to make flexible payments; for example, if the minimum yearly commitment towards the retirement fund is $1200 you should look for a plan that allows you to pay $100 a month, or if you want $300 every 4 months if required. The advantages of choosing a plan that allows flexible payments is that, you don’t end up defaulting on your payments if you have few bad months financially.

There is a common misconception that once you choose a retirement plan there is no way to get a better deal, or there is no way reassess the situation, this is not true. Most companies allow users to easily upgrade their retirement plan if required, in essence


the more you give while you are working, the more you get when you retire. It is therefore vital for a person to continually reassess his retirement requirements and to make changes to his retirement plan when required. No one can tell the future with certainty, all you can do is make plans based on the number of family members you are expecting to support, health care bills and so on.

No company can help you choose an effective retirement plan without your input, and it’s important for you to spend some time each year assessing your retirement plan, if there are any developments personally or professionally, you should factor them in so that when you retire you are confident that you have chosen the right retirement plan and you are truly ready to retire in comfort.

Reassessing your retirement plan

If you are looking to retire to a different state, then you should make sure that you have done your research. You should keep an eye on the real estate prices, the tax laws and other factors that will directly affect you once you retire. After retirement it can be extremely difficult to arrange funds if you need them in a hurry, so you should always have a “little put away” in addition to your retirement fund. Also it is always a good idea to get health insurance. If you are planning to work after your retirement then make sure that you have factored in any tax implications. All in all a little awareness today can help ensure that your life after retirement is just as you plan it, comfortable and peaceful


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This page was updated on Nov 2009 and is Copyright © 2003 by Global Com Consulting Inc.