If your employer is a retirement plan sponsor, you’ve probably received information about your retirement plan, including descriptions of all the investment options available to you. Why do retirement plans offer different options?
Many people who are saving for retirement haven’t taken the time to figure out how much they may need when they retire. Financial planners who do pension consulting point out that saving without a goal could leave you in trouble when you reach retirement. After all, how do you know if you’re saving enough if you don’t know how much you may need?
For most people, a home is the biggest financial commitment they will make, so it’s important to carefully review your options when you’re thinking about making a change to your housing situation. Retirement plan consultants also note that your home will also generally be your largest asset when you retire, and that’s an important consideration for many people.
Retirement is a whole new phase of life. You’ll experience many new things, and you’ll leave other things behind. One thing that won’t disappear, however, are taxes. If you’ve followed the advice of retirement plan consultants, you’re probably saving in tax-advantaged retirement accounts, like 401(k)s or IRAs.
Frequently, the news about retirement is pretty pessimistic. Pensions no longer exist for most workers, we aren’t saving enough, and Social Security is going to disappear. However, things may not be as bleak as they are often painted. If you’re a retirement plan sponsor, you may be wondering how you can help your employees prepare for retirement.
A lot of people focus on things to do after they retire, but there are a number of things you should take care of before you hit that milestone. Retirement planning specialists, The Participant EffectSM, explain the steps that will help you better prepare for retirement and help make this transition successful.