By G. Michael Perry, Howard L. Sorkin
Your shortcut to good fortune™ for over forty years CliffsNotes. They helped you get via tuition. Now allow them to assist you get via lifestyles. With this trusty advisor, you will get on top of things quick on tips on how to commence saving for these golden years.Check out our different CliffsNotes titles See the interior again pages for an inventory of CliffsNotes on pcs, software program, the web, own Finance, and Careers — and search for CliffsNotes on different subject matters coming quickly.
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Compounding The magic of tax-deferred compounding is the reason that 401(k) programs work so well for so many. ■ The government immediately gives you an incentive for every dollar that you defer to your 401(k) program by not making you pay income taxes on that dollar — saving you 15 to nearly 40 cents per dollar, depending on 54 CliffsNotes Planning Your Retirement your income tax bracket. You use pre-tax dollars for your 401(k). The result is that you have more dollars to invest and you lower your taxes at the same time.
As with any qualified retirement plan, employees don’t pay taxes on the money the employer contributes for them or on the investment returns until the employee actually withdraws the funds. Many companies with defined benefit plans also offer 401(k) plans to employees who want to save more for their retirement by using a salary deferral arrangement. See Chapter 5 for more on 401(k) plans. Planning for Changes and Inflation One of the key characteristics of the defined benefit plan is that the pension or benefit is defined, or “identifiable in advance” — it stays the same.
Your retirement estimates After you determine your current net worth and your actual income and expenses, you should figure out whether you’re on target for achieving a secure retirement. If you aren’t on track for the kind of retirement you want, you must either adjust your concept of retirement and the lifestyle you will be able to enjoy or take more aggressive savings and investment steps. Consider the following steps for figuring out your retirement goal and the financial requirements to make it happen.