When planning for retirement you should strongly consider the tax-deductible and tax-deferred savings plans that are available to you as an individual through your employer. First should be plans where the employer makes contributions and/or matches your contributions. Once you quit working for an employer you can roll your existing retirement plan through them into an IRA which affords you more control over the plan and your investment options. After maximizing the benefits through your employer, you should see if you can qualify for a Roth IRA. Although the contributions are not tax deductible, earnings may be withdrawn tax free after age 59 1/2 as long as the account has been open 5 years. You may also want to consider non-qualified retirement plans which may not be tax-deductible but have other tax advantages.
We have yet to meet with a client who says they have saved too much for retirement. If we can recommend one thing is to make automatic monthly contributions and try to increase these contributions at least once yearly. If you are an employer or self employed, please look at retirement plans in our employee benefits section for more options.
It is our job to get a good idea of were you want to arrive and then to chart a course and recommend the best vehicle or vehicles to get you there.
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