Episode 018- Planning for Retirement

Have you taken a deep dive into your retirement plans and assessed if your plans are aligned with your retirement savings? If not, it's okay now is a great time to start and if you have started already when's the last time your checked to see if you are trending in the right direction? This week's episode focuses on sources of income in retirement, retirement saving plans, maximum contributions, tax implications, and avoiding early withdrawal penalties. Things to consider when determining how much you need to save for retirement? Retirement Age How much will it cost you to retire? Will your contributions to your retirement plan allow you to withdraw without penalty at your desired age for retiring? Other Investment types if there is a gap between your monthly payouts at full retirement age and the age you retire IRA limits: The annual contribution limit for 2020 is $6,000, or $7,000 if you’re age 50 or older (same as 2019 limit).  The annual contribution limit for 2015, 2016, 2017 and 2018 is $5,500, or $6,500 if you’re age 50 or older. Your Roth IRA contributions may also be limited based on your filing status and income. Follow up materials to explore: Types of Retirement Plans: Individual Retirement Arrangements (IRAs) Roth IRAs 401(k) Plans 403(b) Plans SIMPLE IRA Plans (Savings Incentive Match Plans for Employees) SEP Plans (Simplified Employee Pension) SARSEP Plans (Salary Reduction Simplified Employee Pension) Payroll Deduction IRAs Profit-Sharing Plans Defined Benefit Plans Money Purchase Plans Employee Stock Ownership Plans (ESOPs) Governmental Plans 457 Plans Help with Choosing a Retirement Plan Types of Retirement Plans https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans Retirement Plans Frequently Asked Questions (FAQs) https://www.irs.gov/retirement-plans/retirement-plans-frequently-asked-questions-faqs Follow us on our social media channels 🟠Twitter: Millenniallivi1 🔵Instagram : @MilleLivinpodcast 🟠Facebook: Millennial Livin’ Podcast.