Retirement Benefits You Should Have At Retirement Time - Vision Capital

Retirement Benefits You Need to Have In Your Retirement Plan...

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Make sure your retirement plan includes these essential components.

Diversify your retirement income.

Most retirees get their income from a variety of sources, including Social Security and personal savings. It’s important to diversify your retirement income in case one of your benefits doesn’t work out. 

You will be much more comfortable in retirement if you have these 10 benefits:

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SOCIAL SECURITY: HOW THE SOCIAL SECURITY SYSTEM WORKS??

After paying into the Social Security system their entire working life, retirees finally get to collect payments. Social Security is the foundation of your retirement income that the rest of your savings and investments should build upon.

 Take steps to maximize your benefit by making sure you have paid in for an appropriate number of years, and sign up at the best age for you.

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MEDICARE: HOW MEDICARE WORKS??

Significant health care expenses could easily consume a significant part of your retirement savings, but Medicare largely makes sure that doesn’t happen. 

You can sign up beginning three months before your 65^th birthday, and it’s a good idea to do so then to avoid higher premiums if you sign up later. If you retire before age 65, you will need an alternate plan to obtain and pay for health insurance.

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401K: WHAT IS 401K, AND HOW DOES IT  WORK AND WHAT'S THE BENEFITS OF IT???

Workers who contribute to a 401(k) plan often get valuable employer contributions, tax breaks and the opportunity to have the money withheld from their paychecks before they get a chance to spend it. 

A worker in the 25 percent tax bracket who contributes the maximum amount of $18,000 in 2015 will save $4,500 on his federal income tax bill. Workers age 50 or older can make catch-up contributions of up to $6,000 in 2015, which will save them even more in taxes.

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ROTH 401K: WHAT IS ROTH 401K, HOW DOES IT WORK AND WHAT'S THE BENEFITS OF IT???

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A Roth 401(k) has the same contribution limits as a traditional 401(k), but the tax treatment is different. Roth IRA contributions are made with after-tax dollars, but withdrawals in retirement from accounts at least five years old will be tax-free, meaning you won’t have to pay tax on the earnings you accrue in the account.

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IRA: WHAT IS AN IRA AND HOW DOES IT WORK AND WHAT'S THE BENEFITS OF IT???

Individual retirement accounts offer similar tax treatments to 401(k)s, but the contribution limits are lower. The IRA contribution limit is $5,500 in 2015, and savers age 50 and older can contribute an additional $1,000 as a catch-up contribution. 

However, many people build a larger IRA balance by rolling over their 401(k) balance to an IRA each time they change jobs. IRA contributions aren’t due until April 15, while 401(k) contributions typically must be made by the end of the calendar year.

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ROTH IRA: WHAT IS ROTH IRA AND HOW DOES IT WORK AND WHAT'S THE BENEFITS OF A ROTH IRA???

A Roth IRA allows you to prepay tax on your retirement savings, and then you will not owe tax on withdrawals in retirement. Roth IRAs are especially beneficial to people who are young and in low tax brackets, especially if they suspect they will be in a higher tax bracket in retirement. Investors can also convert traditional IRA assets to a Roth if they are willing to pay tax on the amount converted

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SAVINGS ACCOUNT: WHAT IS THE BEST SAVING ACCOUNT:

An emergency fund that will cover unexpected expenses such as medical bills or home and car repairs is a necessity. Maintaining a savings account allows you to avoid triggering taxes and penalties by raiding retirement and investment accounts early or, even worse, taking on debt to cope with emergencies.

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PAID OF HOME // NO MORTGAGE: HOW TO COMPLETELY PAY YOUR MORTGAGE BEFORE RETIREMENT TIME??

Owning a home that is paid off can help you enormously in retirement. No longer needing to make rent or mortgage payments gives you more money to spend on other things. And if you ever need extra cash in retirement, owning a home gives you options to downsize and pocket the extra cash or take on a reverse mortgage.

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PENSION

If you’re fortunate enough to get a traditional pension in retirement, it can contribute significantly to your retirement security. Pensions provide a steady stream of payments that will last the rest of your life, no matter how long you live, which reduces your risk of spending down savings too quickly.

REMEMBER, IN THE USA PENSION IS LONG GONE SINCE 1974 BY THE ERISA ACT. EMPLOYMENT RETIREMENT INCOME SECURITY ACT. MEANING THAT YOU DON'T HAVE A PENSION PLAN SET BY YOURSELF. AT RETIREMENT TIME YOU ARE GOING TO BE ON GOVERNMENT LIFE SUPPORT.

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