Did you know that fewer than half of Americans have calculated how much they need to save for retirement? With a specialty in annuities, from variable annuities to fixed annuities, here at Annuity Genius we pride ourselves on being able to consistently identify the most competitive consumer based products in the industry. Consumer based means they are the best products for you and not necessarily for us as the agent. However, there’s more to planning retirement than just picking an annuity. We’ve got some more tips for you on how to prepare for your retirement.
- Learn about your employer’s pension plan. If your employer has a traditional pension plan, check to see if you are covered by the plan and understand how it works. Ask for an individual benefit statement to see what your benefit is worth. Before you change jobs, find out what will happen to your pension benefit.
- Don’t touch your retirement savings. If you withdraw your retirement savings now, you’ll lose principal and interest and you may lose tax benefits or have to pay withdrawal penalties. If you change jobs, leave your savings invested in your current retirement plan, or roll them over to an IRA or your new employer’s plan.
- Ask your employer to start a plan. If your employer doesn’t offer a retirement plan, suggest that it start one.
- Ask questions! While these tips are meant to point you in the right direction, you’ll need more information. Talk to your employer, your bank, your union, or a financial adviser here at Annuity Genius. Ask questions and make sure you understand the answers. Get practical advice and act now!