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1. Know Your Retirement NeedsRetirement is expensive. Experts estimate that you’ll need about 70% of your pre-retirement income (in the case of lower earners, 90% or more) to maintain your standard of living when you stop working. Understand your financial future. 2. Find Out About Your Social Security BenefitsSocial Security pays the average retiree about 40% of pre-retirement earnings. Call the Social Security Administration at 1-800-772-1213 for a free Personal Earnings and Benefit Estimate Statement (PEBES). 3. Learn About Your Employer’s Pension or Profit Sharing PlanIf your employer offers a plan, check to see what your benefit is worth. Most employers will provide an individual benefit statement if you request one. Before you change jobs, find out what will happen to your pension. Learn what benefits you may have from previous employment. Find out if you will be entitled to benefits from your spouse’s plan. 4. Contribute to a Tax-Sheltered Savings PlanIf your employer offers a tax sheltered savings plan, such as a 401k, sign up and contribute all you can. Your taxes will be lower, your company may kick in more, and automatic deductions make it easy. Over time, deferral of taxes and compounding of interest make a big difference in the amount of money you will accumulate. 5. Ask Your Employer to Start a Retirement PlanIf your employer doesn’t offer a retirement plan, suggest that he/she start one. Simplified plans can be set up by certain employers. For information on simplified employee pensions, call 1-800-559-2900 or contact Atlantic Financial. 6. Put Money Into an Individual Retirement AccountAs of 2004 you can put $3000 a year into an Individual Retirement Account (IRA) and delay paying taxes on investment earnings until retirement age. If you don’t have a retirement plan (or are in a plan and earn less than a certain amount), you can also take a tax deduction for your IRA contributions. IRS Publication 590 contains information about IRAs. 7. Don’t Touch Your SavingsDon’t dip into your retirement savings. You’ll lose principal and interest, and you may lose tax benefits. If you change jobs, roll over your savings directly into an IRA or your new employer’s retirement plan. 8. Start Now, Set Goals, and Stick to ThemStart early. The sooner you start saving, the more time your money has to grow. Put time on your side. Make retirement saving a high priority. Devise a plan, stick to it, and set goals for yourself. Remember, it’s never too late to start. Start saving now, whatever your age. 9. Consider Basic Investment PrinciplesHow you save can be as important as how much you save. Inflation and the type of investments you make play important roles in how much you’ll have saved at retirement. Know how your pension or savings plan is invested. Financial security and knowledge go hand in hand. 10. Ask QuestionsThese tips should point you in the right direction, but you’ll need more information. Talk to your employer, your bank, your union, or a financial advisor. Ask questions and make sure the answers make sense to you. Get practical advice and act now. Please call 1-800-559-2900 and contact Atlantic Financial with any questions you may have.
Also See: Contact Atlantic FinancialFor more information or to have us answer any
questions you may have, please
call 1-800-559-2900,
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Financial Planning and Investment ServicesAtlantic Financial has been serving clients since 1994. Atlantic Financial enjoys a solid reputation for service, selection and value. We can review your wealth management plan, assist with your or 401k / IRA Rollover and assist you with global wealth management.
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