Retirement PREP for the Over 50
You may think it may be too late to save for retirement... think again, you can do it.
In order to get ready you must stay focused and be disciplined... stay the course. Make sure you first find a qualified Certified Financial Planner (CFP), check them out and then hire the right one for you. Next think about your budget and how you spend your income. It may seem an impossible task but do some homework and get going. With regard to finding a good CFP, find at least four to make comparisons. Look for track records of the company or investments they represent and make an objective decision. Take a look at the links below and get caught up on related terms you may want to discuss with your CFP. It sure helps to know investment options and basic financial terminology.
Helpful Links for Retirement Options (source- LINK):
Individual Retirement Account (IRA)
An individual retirement account (IRA) is an investing tool individuals use to earn and earmark funds for retirement savings.
Catch-Up Contribution Definition
A catch-up contribution is a type of retirement savings contribution that allows people age 50 or older to make additional contributions to their 401(k) accounts and/or individual retirement accounts (IRAs).
An SBO-401(k) is a tax-deferred, government-registered retirement savings plan for small business owners.
An Independent 401(k) is a tax-advantaged retirement savings plan available to individual small business owners and their spouses.
Spousal IRA Definition
A spousal IRA is a strategy that allows a working spouse to contribute to an IRA in the name of a non-working spouse to circumvent income requirements.
Retirement planning is the process of determining retirement income goals, risk tolerance, and the actions and decisions necessary to achieve those goals.
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