How To Get Help In Retirement Planning.
Who are you going to talk to, to have the most suitable retirement plan for you? Retirement plans are big business. Lots of companies want to manage your savings for your retirement, because they make money from doing so. The danger is that commercial companies are more concerned with making money than giving you the best advice, so they push their own specialist services. There are four broad types of retirement plan and only types 2 and 3 may require a retirement planning company.
- Government sponsored plans like social security.
- Personal plans like the Individual Retirement Agreements or IRAs.
- Annuities through insurance companies either fixed or variable.
- Employer sponsored plans that either qualify under the IRS tax code or don’t.
If you are a public employee and need help in planning for your retirement you can’t do better than the not for profit ICMA-Retirement Corporation. You can find them at www.icmarc.org and the advice on the website is good for anybody starting out and thinking about retirement planning. They have various levels of service and guidance and the choice is with you, as to how much you do for yourself and how much you let them do for you. The five levels of service are:
- Developing a retirement savings plan.
- Deciding which types of saving assets to allocate your money too.
- Choosing the funds that are right for you.
- Monitoring funds.
- Managing your investment portfolio completely.
For non-public employees the choice of retirement planning company can be more problematic. There are two decisions that need to be made before shopping around for a retirement planning company. Firstly which type of retirement plan, annuity or personal IRA, is right for you and secondly to what extent do you want to manage your retirement savings yourself. Armed with this information be sure to shop around for the retirement planning company that feels right for you and list out the things you want to know such as minimum opening balance if any, cost of trade commissions, types of funds they deal in and any account administration fees.
Be sure to do your homework before committing to any one company. The best people to listen to are current customers so consider joining retirement blog-site communities where you can discover the experience of real people rather than sales people. When it comes to choice of investment vehicles there are a large number of comparison websites, such as www.annuityfyi.com/ compare-best-annuity-rates where you can look at the performance of both fixed and variable annuities side by side.