Retirement Tools & 2017 Social Security
At some time or another we all think about not working (or at least not working as much) and retirement. In the USA the federal government part of this, for most working people, is Social Security -SS.
I hope we all can save (and invest) some hard earned money. You can do it with after tax money (in and investment account and or if you can, in a Roth IRA type account where it goes in as after tax money and can grow where you do not “ever” have to pay taxes.
You can also invest in a IRA type account where you put in pre-tax money and the pay the tax in the future. If you have access at an employer you may have 401-K type investing. This is powerful in that you can have your employer match and you can have tax deferred and Roth type accounts. If you already have this, feel free to make use of this powerful tool.
Pension are not the norm in private industry today. Government (city -state- federal) employees (EE’s) and public school teachers can have access to this type of involvement for retirement.
People can and do make use of annuities for retirement. This is where you can take your money and turn it over to an annuity company (insurance company) and you are provided investing and payment choices. There are more than one type of annuities, and this may not be right for everyone. I would say it is a tool that should be considered as a part of a person’s retirement plan.
Retirement Planer from SS
Retirement Estimator from SS
Tool Kit for SS & Medicare from the DOL (talked about in the above video and in retirement estimator link)
Google retirement tool kit