Retirement Planning

It is important to carefully prepare for your retirement by accurately assessing your retirement needs. There are a variety of Retirement Planning options that can help you build your future.

A defined benefit pension normally provides a specific monthly benefit afer you retire. This monthly benefit is usually a percentage of your final salary multiplied by the number of years you've been with the company. A money purchase pension provides either a lump-sum payment or a series of monthly payments. A profit-sharing plan is funded by your employer with employee contributions optional. Under an employee stock ownership plan (ESOP), an employer periodically contributes company stock toward an employee's retirement plan. Upon retirement, employee stock ownership plans may provide a single payment of stock shares. Tax-sheltered annuities or 403(b) plans are offered by tax-exempt and educational organizations for the benefit of their employees. Individual retirement accounts, Keogh plans, Savings Incentive Match Plans for Employees, and Simplified employee pensions are other examples of retirement planning options.

To decide which plan is right for you, it is advisable to consult a financial advisor who specializes in Retirement Planning. There are numerous resources available to guide you in your selection. Research you options carefully before making a final decision.