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| Credit Answers > Debt Resources > Planning Retirement Strategy |
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Retirement Strategy
You may work for a company that provides a traditional pension plan. A traditional pension plan pays a fixed amount to qualified participants, or pensioners. The amount
is determined by the participant's salary history and years of service. A traditional pension may, or may not, include a cost-of-living adjustment (COLA).
In addition to 401(k)s and similar retirement plans that are sponsored by employers, individual retirement accounts (IRAs) offer tax advantages too great to pass up.
At Credit Answers we believe in educating our customers so they can get the retirement strategy they need. If at any point you have a retirement strategy question, one of our
experienced settlement coaches will be happy to help you. Below are some pages to help you with your planning retirement strategy questions. Please click on the appropriate section for
your retirement strategy needs.
The Best Pension Plan
More than likely, your employer uses a defined-contribution pension plan. Defined-contribution plans rely on how much you and/or your employer contribute.
Roth IRA vs Regular IRA
Regular IRAs are also called traditional IRAs. Roth IRAs were introduced in 1998.
IRA Distributions
The IRS requires that you begin to take money from a regular IRA by April 1 of the year after you reach age 70-1/2.
Simple IRA and SEP IRA
If you work for a small business that offers a retirement plan, your employer may offer a SEP, SIMPLE or qualified retirement plan.
Converting Traditional IRA to Roth IRA
Roth IRAs have some features that make them more attractive than regular IRAs.
Moving Your Retirement Plan
When you change jobs and leave an employer that has a 401(k) or other defined-contribution retirement plan, you usually arrange to transfer your retirement account.
Taxation of Company Stock
Your employer may have contributed shares of its stock to your retirement account. If contributions were made years ago, the value of shares may be much higher today.
Long Term Care Insurance
As the number of Americans entering retirement increases sharply over the next 20 years, many are buying long-term care insurance.
Life Insurance Information
When you buy a life insurance policy, you pay a premium to the life insurer on a periodic basis to maintain your policy.
Pros and Cons of a Variable Annuity
An annuity is a series of payments. If the amount of the annuity varies, it is called a variable annuity.
Social Security Information
Social Security is the retirement-income security program run by the Social Security Administration (SSA), an agency of the federal government.
Tax Estate Planning Expense
When you die, you want to be sure that your estate goes to your desired beneficiaries.
Retirement as an Opportunity
Some people revel in newfound freedom that comes with retirement. Others experience a sense of loss associated with ending a career.
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