Planning for retirement and understanding retirement savings options, such as 401(k)s and IRAs.
Retirement planning: This is the process of determining how much money you will need for retirement and how to achieve that goal.
Retirement savings: This includes different types of savings accounts, like 401(k)s, IRAs, and Roth IRAs.
Investments: This includes stocks, bonds, mutual funds, and other investment vehicles used for retirement savings.
Social security: An overview of what social security is, how it's funded, eligibility requirements, and the benefits you can receive.
Pension plans: This includes defined benefit and defined contribution plans and how they work.
Estate planning: An overview of legal documents like wills, trusts, and powers of attorney to protect and distribute assets.
Healthcare and Medicare: Understanding the cost of healthcare in retirement and potential solutions paid by Medicare.
Lifestyle and budgeting: This involves adjusting your lifestyle and budgeting to your new retirement income plan.
Long-term care insurance: This includes an overview of risk management and protection of the financial impact of long-term healthcare.
Tax planning: Knowing how taxes can impact your investment returns in retirement and the tax implications of various investment accounts.
Defined Benefit Plan: A retirement plan in which an employer guarantees a specific amount of retirement benefits per year of service.
Defined Contribution Plan: A retirement plan in which an employer contributes a specific amount of money to an employee's individual account each year.
401(k) Plan: A type of defined contribution plan that allows employees to contribute a percentage of their salary, up to a certain annual limit, and may provide employer contributions or matching contributions.
Individual Retirement Account (IRA): A tax-advantaged retirement account that allows individuals to save for retirement, with contributions and earnings being tax-deferred until withdrawal.
Roth IRA: A type of IRA in which contributions are made after taxes, but the withdrawals in retirement are tax-free.
Simplified Employee Pension (SEP) Plan: A type of retirement plan for self-employed individuals or small business owners that allows them to make tax-deductible contributions to retirement savings accounts.
Savings Incentive Match Plan for Employees (SIMPLE) IRA: A type of retirement plan for small businesses with fewer than 100 employees that allows employers and employees to make tax-deductible contributions to retirement savings accounts.
Social Security: A government-run retirement income program that provides retired workers with a monthly income based on their earnings history and the age at which they begin receiving benefits.
Annuities: Financial products designed to provide a guaranteed stream of income in retirement by making regular payments to an individual over a set period of time.
Pension: A type of retirement plan offered by some employers that provides a guaranteed retirement income for life, based on an individual's years of service and earnings.