What are the figuring out how long my retirement will last for seniors – What is figuring out how long my retirement will last for senior? 1-800-566-1002 http://www.RetireSharp.com . What are the best types of figuring out how long my retirement will last for seniors and learn how you can avoid the most common mistakes that individuals have made when looking to purchase figuring out how long my retirement will last for senior.

Investing During Retirement To Maintain The Good Life

Investing during retirement is different than investing for retirement. In investing during retirement seniors need to weigh and measure several different factors to assure that their money last for all necessities, and if they want to leave some money to your children or grandchildren.
A senior citizens retirement nest egg must be well thought out and closely monitored.
1. Life expectancy
Calculate what you feel your life expectancy is considering how long your parents lived and your current health status is.
2. Inflation rate
Know what the current rate of inflation is and what the continuing rate of inflation will be. This will chip away at your fixed income.
3. Taxes
Know how much you will have to pay in taxes and how your income will be taxed. This is the largest expense you will have if you are subject to income and homeowners tax.
4. Health Cost
Know if your health cost will be covered, and if not, how much will you have to pay toward your health cost? Will you be covered by Medicare or a private health insurance, and what will your out-of-pocket cost be.
5. Low risk investing
What are the best low risk investments you can put your money into for safety and convenience. Be careful, some retirees loose their entire nest egg because some slick financial advisor talks them into a so-called high interest investment, which is also high risk investment. Investing is over during retirement. All investments should be very low risk income investing. If you don’t understand investments, put your money in savings accounts or money market accounts.
6. Rent or own home
Will you rent during retirement or live in a house that is paid for but has yearly taxes, electrical, water, and maintenance cost. Sometimes it is better to sell your home, live off the proceeds and rent a low income senior apartment, which can also be a safer place to live.
7. Debts paid off
Will you have all of your debts paid off. This can save you mountains of money in unnecessary interest charges, which are very costly.
8. Retirement recreation
What do you want to do during retirement? Are you content to stay home and garden, sew, cook, and talk with other retired neighbors? Or do you want to travel. You need to figure the amount it will cost you to travel or practice hobbies.
9. Education and trust
Educate yourself about your investments and the retirement income you will receive. Know exactly how much you have coming, how much you can get on a monthly basis, and how long you can make it last considering all of the above.
Don’t trust strangers to advise you about your retirement money unless you have first educated yourself and verified that they, and their business is honest. Again, many seniors lose their nest egg to dishonest businesses and/or their dishonest advisors.

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401a Plan for Seniors

What are 401a plans – What is a 401a? 1-800-566-1002 http://www.RetireSharp.com . What are the best types of 401a plans for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to use their 401a plan for retirement.
The Difference Between a 401k and 401a

Trying to figure out all of the differences in retirement plans is a complicated task. It is not enough to go to a financial adviser and sign your name wherever you are instructed to do so. Educating yourself on the inner workings of retirement plans will insure that you will be able to live the quality of life you are accustomed to later on down the road.

A 401 plan, regardless of the letter afterward is a retirement plan that allows employees to save money for retirement. By contributing to a 401 plan you participate in a tax shelter, meaning that the money invested comes out of your paycheck before taxes are taken out. Therefore, your taxable income goes down while your retirement investments go up. You will pay taxes on the money when you withdraw the money during retirement. Some 401 plans are voluntary and others are mandatory.

There are several ways that employers match funds in a 401 plan. The company may add a fixed dollar or percentage amount, with or without requiring you to contribute. The employer may match a fixed percentage of the amount you the employee contribute. The employer could match your contribution within a given range (i.e. a variable employee match).

As an employee you can select different investment options, usually an assortment of mutual funds that focus on stocks, bonds, money market investments, or some combination of all of these. The company may offer their stock for you to purchase as well. You can reallocate your money in these various options at any time. Monitoring the return on these investments keeps you informed of the money you are making and saving for retirement. If a certain mutual fund continually drops, you may move the investments to a higher yield investment without any fees.

There are strict rules for how much you can contribute annually as well as penalties for withdrawing money from a 401 plan early. Find out exactly what percentage of your plan will go toward taxes and penalty fees. Generally, 20% will go toward taxes and 10% will be taken as a penalty. This can take a large chunk of your investment, leaving you with much less than you would get by waiting until retirement. The government does this to discourage people from using their retirement money for non-retirement activities.

A 401k plan is a type of 401a plan. It seems to be the general rule that 401a plans are offered by government employers and 401k plans are offered by private companies. The governing rules are very similar.

Reevaluating your investment portfolio at least annually will insure that you are keeping track of your investments. Often quarterly reports are sent out that allow you as an investor to monitor if your money is earning as much as possible for you. Knowing the details of your plan is the most powerful tool you have toward retirement.

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