Investing 101: How to Prepare for Retirement

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  • Investing 101How to Prepare for Retirement

    #CreditChatWednesday | 3 p.m. ET

  • Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about how to prepare for retirement.

    ex.pn/retire

    http://www.experian.com/blogs/news/about/prepare-retirement/

  • When should we start putting money toward retirement?

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  • #CreditChatWednesday | 3 p.m. ET

    Retirement is a lifelong investment. It is never too early or too late to start

    planning and saving at any age!

    - @taynelawgroup

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    Ideally, start saving for retirement in your 20s - you want as much time as possible for your money to grow.

    - @kevincswanson

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    Small investments made sooner do better than big investments for less time.

    - @JustOnePay

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    Employ good savings habits as early as possible regardless of income! Or

    start a Family 401(k)!

    - @KOFETIME

  • What factors should be included in a retirement planning strategy?

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    When planning for retirement, you should take into account how old you are now and at what age you want to

    retire.

    - Southeast Financial@SFCUNews

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    There are several, but debt, income, long-term living arrangements, and

    estate planning are all factors to consider.

    - @LeslieHTayneEsq

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    When starting out, if your company offers a 401(k) with a match, save at least that much.

    - @Rod_Griffin

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    Start with the basics; income vs expenses and how long you will need

    income. You dont want to outlive your money.

    - @kevincswanson

  • How much should you save for retirement?

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    You have to look at how much you spend, and how much debt youre in

    to determine your number.

    - @FedChoiceFCU

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    Would be easy to say as much as possible, but really its as much as you need to live the life

    you want. Not as simple.

    - @Rod_Griffin

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    Retirement savings: treat it like a bill in your current budget so youre covered monthly and saving for your

    future.

    - @KOFETIME

  • What options are available for investing for retirement?

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    Look for tax-efficient options for retirement savings, dependent on your situation. 401(k) versus Roth

    IRA.

    - @kevincswanson

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    Check with your employer to see if they will match your 401(k) contributions.

    - @LeslieHTayneEsq

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    Thrift Savings Plans, 401 (k) plans, and IRAs are popular ways to save

    and invest for retirement.

    - @FedChoiceFCU

  • How are a 401(k), a 403(b) and an IRA different?

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    401(k) is from a for-profit company, 403(b) is from a tax-exempt

    nonprofit, and IRA is from personal retirement savings.

    - @AirForceFCU

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    A 401(k) has a matching contribution from your employer.

    Which means of the contributions are free money, take advantage!

    - @KOFETIME

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    401(k)s are employee-sponsored with limited investment choices; an IRA has access to many

    more security investment choices.

    - @kevincswanson

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    Think of it like: 401(k) through employers, 401(b) for public ed/tax exempt, and IRA for individuals.

    - @JustOnePay

  • What is the difference between a traditional plan and a Roth plan?

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    With a traditional plan, contributions are taxed when they

    withdraw. With Roth, contributions have already been taxed.

    - Southeast Financial@SFCUNews

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    With traditional IRA you pay taxes when you withdraw the money in retirement. With Roth

    IRA you pay the taxes on the front end.

    - @LeslieHTayneEsq

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    Both Roth and traditional IRA grow tax free in your account; IRA is taxed when you withdraw and Roth when

    you contribute money.

    - @KOFETIME

  • Should asset allocations change as we get older?

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    As you get older, shift your portfolio to bonds and money-market funds. Your tolerance for risks decreases as

    you age.

    - @care4yourfuture

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    As you get older, look to gradually increase your retirement contributions each year.

    - @taynelawgroup

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    Reevaluating your investment strategy as you age is important. Researching is important at any

    age.

    - @StopFraudCo

  • What should we know about taxes and retirement?

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    Benefit from tax diversification by holding traditional retirement

    accounts, Roth accounts and taxable accounts.

    - @KiplingerRetire

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    Remember, your accounts are going to be taxed; the question is do you want to be taxed

    now or later?

    - @care4yourfuture

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    Taxes and retirement: know your tax bracket so you choose wisely,

    Roth or IRA, and pay less taxes either now or later.

    - @KOFETIME

  • How often should you review your retirement investments?

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    Its good to touch base with your retirement goals once a year, see if

    they align with your budget saving.

    - @FrogskinU

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    As a general rule, once a year so you can make sure your asset allocation still makes sense for

    your age and goals.

    - @LeslieHTayneEsq

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    Its good to assess your retirement plan at least once a year and make

    any adjustments based on what you see.

    - Southeast Financial@SFCUNews

  • Any final tips for those trying to invest for retirement?

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    It can be intimidating to start, but its easier than you think! Save

    yourself stress in the future and start today.

    - @JustOnePay

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    Contribute early and regularly. Let compounding interest work for you by starting

    asap. Remember, time is money!

    - @care4yourfuture

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    Start saving early so that time is on your side. Try to increase the

    percentage you save with every raise you get.

    - @KiplingerRetire

  • #CreditChatWednesday | 3 p.m. ET

    Retirement is the reward of a lifetime of work, make sure you prepare for it as best as you can

    so you can enjoy it!

    - @taynelawgroup

  • #CreditChatWednesdays | 3 p.m. ET

    Check out all the resources and tips shared:

    ex.pn/retire

    http://www.experian.com/blogs/news/about/prepare-retirement/

  • #CreditChatWednesdays | 3 p.m. ET

    Join Us Every Wednesday at 3 p.m. ET.

    experian.com/creditchat

    http://www.experian.com/blogs/news/about/creditchat/