For Your Retirement
State Farmģ Agent
Recent debates about
Social Security and the increasing number of employers
reducing or eliminating employee pensions have underscored
the need for a sound retirement plan. Gone are the days when
employees were guaranteed a percentage of their salaries
once they leave a company. While Social Security may or may
not change, it was never intended to be the sole source of
Retirement planning is
something everyone needs regardless of their existing
situations. If the current financial debates tell us
anything itís this: the only funding you can count on is
that which you do yourself.
Some of the options you
have are individual retirement accounts (IRAs) or an
employer-sponsored plan such as a 401(k). Contributions you
make to a 401(k) can reduce your federal income tax burden
and the contribution limits are higher than those of an IRA.
Plans are available for any size of business, be it a large
corporation or a small mom and pop operation.
traditional IRAs may be income-tax deductible. While Roth
IRA contributions are not deductible qualified distributions
are received free from federal income taxes. An IRA is
something you can set up with the help of a financial
professional. There are a number of options available when
choosing how you want to fund your IRA.
No one can be sure what
the future holds in store. Making preparations for a number
of possibilities can begin with careful planning. You can
start by contacting a financial professional to discuss your
goals and how to reach them.