1. Money

Turn Your Retirement Savings Into a Retirement Plan


So you have started saving and are working on a long-term plan. Here's how to be a diligent and smart retirement investor.
  1. Retirement Account Selection
  2. Investing for Retirement
  3. Special Considerations During Your Working Years
  4. Income Limits

Retirement Account Selection

Choosing the type of account to put your retirement money is important. Note: this isn't about investing - that comes later. First, you must choose an account. Options presented by your employer, plus your income and tax situation, will play major roles in your choices.

Investing for Retirement

Once you pick an account or two for your retirement plan money, it's time to put that money to work. Your investment choices will go a long way toward determining how much money you have available when the day to retire finally comes. Here are some words to the wise when investing for retirement.

Special Considerations During Your Working Years

While your working years are the key (and only) time to significantly add to your retirement accounts, you face the simultaneous hurdle of providing enough money for yourself and, perhaps, your family. You may also change jobs several times during your career. Consequently, there are several important decisions you'll face while you're working. Some will obviously affect your retirement. Others will do so, but you might not realize it until later. Here are some of the key considerations while you're accumulating retirement funds.

Income Limits

Your flexibility to participate in certain retirement accounts and receive specific tax benefits is based on your income. Such income limits tend to change each year. Consider the following income restrictions and opportunities when determining how to proceed.

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