It is important to carefully prepare for your retirement
by accurately assessing your retirement needs. There are
a variety of Retirement Planning options that can
help you build your future.
A defined benefit pension normally provides a specific
monthly benefit afer you retire. This monthly benefit is
usually a percentage of your final salary multiplied by
the number of years you've been with the company. A money
purchase pension provides either a lump-sum payment or a
series of monthly payments. A profit-sharing plan is funded
by your employer with employee contributions optional. Under
an employee stock ownership plan (ESOP), an employer periodically
contributes company stock toward an employee's retirement
plan. Upon retirement, employee stock ownership plans may
provide a single payment of stock shares. Tax-sheltered
annuities or 403(b) plans are offered by tax-exempt and
educational organizations for the benefit of their employees.
Individual retirement accounts, Keogh plans, Savings Incentive
Match Plans for Employees, and Simplified employee pensions
are other examples of retirement planning options.
To decide which plan is right for you, it is advisable
to consult a financial advisor who specializes in Retirement
Planning. There are numerous resources available to guide
you in your selection. Research you options carefully before
making a final decision.