Elyse Foster, CFP® of Harbor Wealth Management was quoted in an article, The 5 Best Retirement Plans, written by Robert Matthews for GetOutOfDebt.com about retirement plans and how to choose the best one for your needs.
Many Americans are unprepared for retirement. About 30% of people ages 55 and over have no retirement savings. Another 26% of people report having less than $50,000 saved for retirement. This leaves over half of retirees with insufficient retirement funds.
The article lists five key questions to help you decide what type of plan is best for you.
- When can I withdraw my money?
- Is it better to pay taxes now or later?
- Does it matter how much money I’m making now?
- What if I am self-employed?
- Can I leave my account to my heirs?
The article also summarizes five types of accounts that can help you achieve your retirement goals.
- Individual Retirement Account (IRA)
- Health Savings Account (HSA)
- Pensions
- Non-qualified Deferred Contribution Plan
- Annuities
See the full article HERE: The 5 Best Retirement Plans
Do you have questions about saving for retirement or about what type of account is best for you? If so, give us a call at 303-939-8788 and schedule a free consultation. One of our Certified Financial Planners would be happy to talk with you about how Harbor can help.