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Retirement Planning

Liberty Retirement Planning Articles


403(b) Plans and Saving for Retirement 

403(b) Plans and Saving for Retirement

Article Description:

In 1958, the Internal Revenue Service (IRS) created 403(b) plans to encourage employees of certain organizations to begin saving for retirement. In 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) increased the amount employers and participants could contribute and created a Roth option. Thanks to the Pension Protection Act of 2006, these changes will be permanent.

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Baby Boomers and the Changing World of Retirement 

Baby Boomers and the Changing World of Retirement

Article Description:

Over the next two decades, the most chronicled generation in America will gradually enter retirement. At that point, each wave of Baby Boomers will quickly discover if their retirement plans, Social Security, and personal savings will be sufficient to maintain their existing lifestyles and needs.

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Calculating Your Retirement Needs 

Calculating Your Retirement Needs

Article Description:

If you are nearing retirement or just beginning to plan for it, you may be surprised to learn that you may need 60% to 80% of your annual income in order to maintain your current lifestyle in retirement. Many variables can affect your retirement savings goals, including where you want to live and the activities you plan to pursue. So, how do you determine the amount you may need for retirement and how much you need to save each year in order to reach that goal? The worksheet below is based on calculations developed by the American Savings Education Council (ASEC) and can help you crunch the numbers.

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Early Retirement: Some Rules of the Road 

Early Retirement: Some Rules of the Road

Article Description:

Have you ever entertained thoughts of taking an early retirement? Suppose you’re age 55 and could take home a pension income that amounted to 60% of your pay if you retire now. If your income is high, it may seem that you would be able to retire in reasonable comfort. However, before calling it quits, weigh all of the facts carefully to be sure an early retirement makes financial sense for you. Here are eight rules to consider if you’re thinking about taking an early retirement.

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How Social Security Affects Your Retirement 

How Social Security Affects Your Retirement

Article Description:

When contemplating retirement, you may be counting on Social Security benefits to provide you with a basic level of income. However, the age at which you choose to retire is an important part of the equation. There are also other issues to consider when making your choice. Consider the following questions: 1) How would an early retirement, for example at age 62 vs. age 65, affect your Social Security benefits? 2) How will those benefits be taxed? and 3) Is it in your best interest to continue working to earn extra income when your Social Security benefits could be reduced based on your earnings?

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IRAs: Roth vs. Traditional 

IRAs: Roth vs. Traditional

Article Description:

In today’s busy, financial scene, two popular Individual Retirement Accounts (IRAs) are vying for your attention: the traditional IRA and the Roth IRA. While both are long-term savings vehicles with tax benefits, each treats contributions, age, and income differently.

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Retirement Planning to Reach Your Goals 

Retirement Planning to Reach Your Goals

Article Description:

We are living longer, healthier lives. As a result, retirement, for many, may last 20 years or more. So, if “time is money,” how many years do you have in the bank? Because inflation will most likely decrease the purchasing power of your money, your dollars may buy less during your retirement than they do today. For example, at 3.5% inflation, $100 today would be worth only $42.31 in 25 years, and would be further reduced to $30.00 in 35 years.

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Required Minimum Distributions for Traditional IRAs 

Required Minimum Distributions for Traditional IRAs

Article Description:

Saving as much as you can for retirement, as soon as you can, and as often as you can, is crucial to your financial well-being when you finally leave the workforce. Suppose you have spent a lifetime contributing to a traditional IRA and hope to leave your nest egg untouched for your heirs. The IRS says that once you reach a certain age, the time to spend has come.

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Saving Strategies When Nearing Retirement 

Saving Strategies When Nearing Retirement

Article Description:

The Baby Boom generation is about to trail blaze into another new era: retirement. Never a generation to accept the status quo, they are ready and set to redefine the outmoded image of “golden years.” Forget about endless days spent in repose. This group seeks an unprecedented time of adventure, travel, creativity, and new business pursuits. While these exciting changes will redefine aging, will Baby Boomers be able to finance their adventurous plans? Today, many people age 50 and older have still not begun to save for retirement or have amassed insufficient funds.

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