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The odds of replacing current income in retirement

Do Retirement Specialists Know Better?

Americans who are most likely to be prepared for retirement contribute at least 10% of their incomes to a 401(k) or similar defined-contribution plan. If that goal seems out of reach, consider that participants who contribute 4% to 10% of their earnings still have an 84% chance of replacing their current incomes. Distributions from employer-sponsored plans are subject to ordinary income tax. Withdrawals taken prior to age 59½ may be subject to a 10% federal income tax penalty, with certain exceptions such as the plan participant’s death, disability, or separation from service at age 55 or older.

Discussing your retirement goals with a professional could motivate you to save more.

Your retirement adviser can review your financial vehicles whenever you have concerns. Although there is no assurance that working with someone will improve your nest egg results, a professional who focuses on your overall,  long-term retirement strategies can help you consider options that could have a substantial effect on your retirement dollars.
Source: smartmoney.com, July 1, 2011

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