Here are two of the most important questions you must answer about your retirement plans: Where will you spend your golden years? And when will you start them?
Your target retirement age plays a big role in determining both your saving and investing strategies. And while everyone would like to retire a little earlier, taking Social Security benefits too early can greatly reduce the size of your monthly checks.
Meanwhile, where you choose to retire can have a big impact on how much you'll pay in taxes and how far your money will go. And don't discount the possibility of retiring abroad...
401(k)? SEP IRA? Defined benefit?
There's a whole mess of different retirement accounts out there, each with their own uses, contribution limits, and advantages. We'll walk you through the rules surrounding the most common types of accounts and show how they can be used to grow your savings in a tax-advantaged way. And we'll break down the complicated terminology and answer some of the most burning questions about retirement accounts -- including that big "Roth vs. Traditional" decision.
Your savings will never keep pace with inflation if you don't invest... but you also don't want to take big risks with your nest egg, especially as you approach retirement. So where should you invest your money to get the best of combination of risk and return?
Our retirement and investing experts are here to answer the big questions about asset allocation and risk tolerance, and guide you toward the best investments for your hard-earned savings.
Saving a bunch of money for retirement is just one part of the equation. You also need to figure out how to turn those savings into income -- and whether it will be enough to cover your expenses.
As you approach retirement age, you'll want to start thinking about when to take Social Security and how much you want to withdraw from your retirement accounts every year. And you need to think ahead to the various expenses you'll face in your golden years, including taxes and medical bills.