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Retirement and 401k Calculators and Planning Resources

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Retirement and 401k Calculators and Planning Resources 2020-02-27T11:51:35-05:00

Retirement planning plays a significant role in an individual’s ability to live comfortably during their later years. Unfortunately, more than 60% of people in the United States do not have nearly enough money saved for retirement. Planning and saving early for retirement reduces the chance that an individual will not have enough money saved. Several situations can contribute to a lack of retirement resources. The Internal Revenue Service establishes rules on the contributions people can make depending on a number of factors. Despite this, people can use a range of strategies to accumulate enough wealth for retirement and the selected strategy depends on an individual’s age group.

People just entering the workforce can benefit greatly from saving in their early to mid-20s. Contributions in this age group increase substantially over time. Once an individual reaches their 30s, he should begin seriously planning his retirement. Planning in this age group is critical because the ability to gain on investments begins to dwindle. People in their 40s should consider a more aggressive savings practice because with roughly 20 years before retirement, the opportunity for investments to grow has decreased substantially. In addition, readjusting, or starting with, a mixed investment strategy will level off the overly aggressive approach that might allow money to grow steadily. Individuals in their 50s might experience financial pressure while caring for aging parents or putting children through college. Consequently, an aggressive approach to retirement savings might be required.

The 401(k) plan offers people interested in retirement planning an option for saving money. The Internal Revenue Service limits the amount of money an individual can contribute and the limitations vary depending on several factors. Generally, employers deduct the amount an employee specifies each pay period in a tax-deferred manner. Contributors do not pay taxes on payroll deductions; they are paid when someone withdraws money from the account.

An Early Start on Saving for Retirement (PDF)
This document discusses the importance of starting a 401k plan early in life.

Retirement Planning for Postdocs (PDF)
This document offers an overview of retirement planning for individuals graduating with a doctoral degree.

Retirement Calculator
The Retirement Living Retirement Calculator factors in your age, salary, contributions, and anticipated growth to help you gauge the trajectory of your retirement plan.

401(k) Pension Plans and Financial Advice: Should Companies Follow IBM’s Initiative? (PDF)
This document offers an overview of automatic enrollment and wealth building through pensions.

5 Tips for Retirement Planning
This page delivers tips for planning retirement.

The Automatic 401(k): A Simple Way to Strengthen Retirement Savings
This page offers a link to a paper for download that discusses an individual approach to retirement saving.

Retirement Planner: Plan For Your Retirement
The Social Security Administration offers a range of resources on this page.

Retirement Planning Tools
This page offers a range of retirement tools and tips.

Retirement planning for 20-somethings
This page offers information about retirement planning for individuals in their 20s.

Retirement Planning While Still in Your 20s
This site offers information on the best way to plan for retirement.

Starting to Plan For Retirement in Your 20’s
This article delivers advice on investments, private savings and retirement planning for 20-somethings.

Considerations in Your 30s
This site provides advice on planning retirement when you reach your 30s.

10 Financial Commandments for Your 30s
This article offers information about building a secure financial foundation in your 30s.

Retirement Planning
AARP offers a range of links and resources for retirement on this page.

Defined Contribution/Retirement Plans
This page offers information about retirement plans and defined contributions.

401(k) Resource Guide – Plan Participants – Limitation on Elective Deferrals
The Internal Revenue Service provides information about deferrals.

How to Invest for Retirement
This page offers information about the retirement investment process.

Retirement, Interrupted: What to Do?
This page offers advice on retirement planning during an economic crisis.

401k Withdrawal Rules
This page offers information about the rules that govern 401(k) withdrawals.

401(k) Resource Center
This site offers a range of 401(k) retirement resources.

Why a 401(k) Is No Replacement for a Pension
This article provides information about the power of a pension plan.

Can 401(k) Plans Provide Adequate Retirement Resources?
This page provides detailed information about 401(k) plans and the retirement process.

Retirement Resources
This page offers advice and links related to planning for retirement.

Author: Ben Michaels

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