Retirement benefits and options

Here we will briefly explain some of your options and their advantages and disadvantages. These options will vary depending on whether you are just saving for yourself individually or if you are a business owner and want to set something up for the employees of your business.

General princilple is look for a financial representative in your area. These individual will help you start your retirement fund, along with this they will help you plan to pay off your student loan faster, start a money market account for emergency, and so much more. These services are usually free, the only that will cost you would the money for your investment. When you have a regular job, it is highly recommend that you start a 401k plan in the company that you're with (if they have it), put in the highest percentage the company allow...some company match dollar for dollar.

Retirement planning for Individuals

The best and most convenient way for individuals to save for retirement is usually to participate in a retirement plan sponsored by their employer. If your employer does not have a retirement plan, or if you want to save some money for retirement in addition to what is in your employer’s plan. Keogh is a retirement account for self-employed individuals. You can choose to setup any of the plans that are available for businesses to setup.

Retirement Plans for Businesses

Following is a listing of some of the different types of retirement plans you can setup for your business:

1. Simple IRA which allows employees to contribute, similar to a 401k plan.
2. SEP-IRA (Simplified Employee Pension) – This is very similar to a SIMPLE plan, except that only the employer makes contributions.
3. Defined Contribution – The employer determines a set formula to calculate how much will be contributed every year, such as 15% of eligible employee’s wages. These plans are very flexible and can have a wide range of options

Remember this, they are just sales people trying to sell you what their firm is pushing. They are not security analysts or financial planners, not even financial advisers. Trust me, I know from experience that they cannot be trusted especially with a million dollars. You risk losing it all. A million dollar account is known as a "whale" and they would love to get their greedy little paws on it and suck it dry. The retirement area can be quite confusing, and there are specific requirements for each of these plans. The most important thing is to start saving something for retirement, even if you can only save a small amount each month.

Tips for retirement planning

• best way is to open an account at a no load fund company like troweprice, vanguard or fidelity, then start a roth ira once you put money in you are not taxed ever again, in retirement you take it out tax free
• easiest way is to by a life cycle fund, tell them what year you plan to retire and they adjust it for you as you age-aggressive now then more conservative as you get older.
• When investing in mutual funds, select the no-load funds only. Do not invest in mutual funds with a "load", an up front commission that you have to pay before when they sell you the mutual fund.
• You need fast growing good stocks with good earnings and in good sectors. You need to learn more about the stock market before you even think about investing in it.
• The stocks world is divided into 12 sectors such as energy which chevron belongs to. It is next to last in the sectors list today.
• Technology is numero uno, but things can change in a new york minute, but within the sector, the fastest growing are computer services, not Microsoft. Then, Electronic Instruments and controls. Next is computer storage devices.

This is a life-long learning process. Reading books and applying the rules to analyzing stocks that may be good takes time. Be patient and keep reading and listening. Depend on no one except yourself. You can only get smarter and stronger that way.