I was talking with a friend the other day, a remarkable lady in her sixties, with a strong mind and loving her life. 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.
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.
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:
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
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.