Best Retirement Savings Account

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I was talking with a friend the other day, a remarkable lady in her sixties, with a strong mind and loving her life. Best retirement savings  We got onto the topic of people saving for retirement, what type of investments would be best for average people like us, and we also talked briefly on if there was one best retirement savings account that would out beat other savings accounts.

With a variety of topics, our thoughts and pondering got us nowhere  but to realize that we had more research to complete, and it really didn’t matter to me, because it was just a nice time to pick each others brains and spend some quality time formulating our life’s journey.

We both brought up the topic of social security issues, along with funding retirement accounts and that just left us with more questions and wondering where to get correct answers.

I just want to share some thoughts that we had and hopefully you will find some insight as to how you are going to handle your future retirement income.

Social Security was not intended to be totally relied upon as the only source of income when you retire. In today’s world it will only replace approximately 40 percent of a person’s annual pre-retirement earnings. We as a nation also face the uncertainty of Social Security being around or if it will be able to keep up with the population going into the future.

Let’s not forget inflation, cost of living, and unexpected emergencies and bumps in the road.

thUMHHBPZ0Since the life expectancy is rising, if you retire earlier than you need, you may not have enough income to enjoy all of those golden years.

What it comes down to is that you should have other sources of savings, investments or company pensions that you can factor in for a monthly retirement income total.

Do not just plan on retiring at age 62 or 65 just because you hit that age!  Take into consideration not only the advantages but also the disadvantages. You can get an estimate of what you will be receiving if you retire at a certain age.  So gather your personal information and check it out at:  www.socialsecurity.gov/estimator

Check out these free government  publications:

tree lined path
When To Start Receiving Retirement Benefits (#05-10147)

Understanding The Benefits (#05-10024)

Your Retirement Benefit: How Is It Figured (#05-10070)

You can find these publications and plenty more free information at: www.socialsecurity.gov

Another benefit that I found interesting is that the United States Department of  Treasury  has developed and started a program called Myra that helps make saving money easier.myRA US gov

The myRA is a retirement savings account that is available to anyone looking for a way to save money. This could be a good option for you or a family member if you don’t have access to a retirement savings plan at work and you want to start saving for your future.

It costs nothing to open, there are no fees, and you choose how much you want to save – whatever fits your budget. The myRA savings account option is simple, safe, and affordable.

What is really great is that you can open your own  myRA account online. It takes only minutes and you can get this done by going to the website  https://myra.gov or  just call 855-406-6972 to get more details.

The myRA could be a very good starting point when making a determination of what is the  Best Retirement Savings Account to suit your needs going into retirement.

 You can get plenty of facts on savings and Social Security  from any of the sites I have listed here to make informed decisions.

 

Here is another option you can look at, a Roth Individual Retirement Account. If you have been thinking about opening a Roth IRA  and you need help with your own personal concerns, requirements, or questions to determine what you will need, check out this site:  http://www.rothira.com/

I realized that there are hundreds of financial options available. I have listed here just a few free governmental sources and places to build and keep your money. I just want people to realize that they need to start somewhere and make a commitment to stay with the system of choice.

thBDB3FXWNRemember  everyone’s situation is different, do not rely on what someone else is doing in regards to planning for your retirement.

Let me share a secret with you…. when searching for the Best Retirement Savings Account, it can only be the one that you start as soon as possible, continue to contribute monthly deposits, and keep it for your retirement years.

Are you ready for retirement?

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7 Comments

  1. Julie

    Angela & friends, I think your website is very informative and I like all the products you offer. They relate well to your content. You offer some good advice and tips.

    Reply
  2. Maria

    This is great, especially for people looking to make money online or from home and don’t have a 401k or other retirement plan option. Obviously pensions are almost unheard of now sadly. It’s scary to hear all the money we put towards social security could be gone. I wish we had better systems but it sounds like the myra and having a roth are best options for people nowadays. Thanks for this informative article!

    Reply
    1. Angela

      Hey Maria, It is sad that people cannot see down the road as far as saving money or making any attempt to make positive changes. Seems to me that people are just planning on social security, thinking they will be fine with just that. Sad to say that there are many bumps in that future road that are planned for. Thanks for the visit, come back and visit often.

      Reply
  3. Neil

    I have been toying with the idea of setting up a retirement savings account for myself so I have that little extra money aside to top up my pension, should the need ever arises. Being prepared is important because you never know what’s around the corner when you retire.

    The myRA retirement savings account sounds like a good option to me, and it’s even better to hear it’s free!

    Thanks for this…

    Neil

    Reply
    1. Angela

      Hello Neil, your options are many, (perhaps too confusing at times) so I’m glad you see the need to set up your own retirement account. Like they say, just get started and keep at it.

      Thanks for the visit, come back and visit often.

      Reply
  4. Julie

    I thought your content is very informative and offers great tips for the novice who wants to start a retirement plan. I like the products you offer and they relate well to your website. On your self development page I like your comment that faith and Believing have to begin on the inside. So true! Great job!

    Reply
    1. Angela

      Hey Julie, I am glad you enjoyed some of my tips and ideas. Please feel free to share this website with others, I will continue to do my best to keep readers up to date and provide interesting information

      Reply

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