VIEWS: 33 PAGES: 3 CATEGORY: Personal Finance POSTED ON: 12/4/2012
Retirement planning is very important, especially for salaried professionals. Starting early is preferable but it’s not a requirement; even if you are a few years down, start right now. Starting early gives you the time to look at your options, and save judiciously. It sounds surprising but the fact is that a majority of the world’s population doesn’t plan for their retirement at all.
Retirement Planning Tips IRA Page 1 Planning for your retirement is always good. Starting early is preferable but it’s not a requirement; even if you are a few years down, start right now. By starting early, you give yourself a fair amount of time to evaluate your options before investing. It sounds surprising but the fact is that a majority of the world’s population doesn’t plan for their retirement at all. What’s the starting point? Make a plan, first of all. Having a goal in mind always helps. It’s recommended no matter what you do. You know where you want to go and how to go about it. The retirement plan needs to figure in the retirement needs of yours. Though your particular needs may differ, you will need anywhere near 70-80% of the amount you earn currently. By starting early, this is another advantage you get. You can easily know where you want to be so that you can actually go and meet that goal. Other than this, there are a number of tax benefits of an IRA (Individual Retirement Account). A financial adviser can come in handy in a situation like this. Get in touch with one to know about the tax benefits applicable to you. It would also help you if you were able to look beyond what most people do. What does that mean? Self directed real estate IRA, for example, is something most people don’t take into account. I wouldn’t be very surprised if the option isn’t known to people here. IRAs, as opposed to what many think, can include real estate and other types of assets. It would be worthwhile to look into something like that. You also have to figure in the risks of treading into an unknown area, something you don’t really know IRA Page 2 about. In such cases, an expert can really help you. You should also try and understand how things work yourself. It may not sound easy, and it may even be frustrating, at the start but it will become easier and ultimately, it will benefit you. IRA Page 3
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