Where should I keep my retirement savings

[King bell]

When it comes to your retirement savings, you want to be sure that you're taking the appropriate steps in order to ensure that your nest egg is safe and secure. So what's a good way of doing this? Well, there are a few really fun options available! Most notably the Roth IRA. With this account setup, you'll be able to earn money while still saving for retirement without paying any taxes on those gains. With a Roth IRA, you can make contributions and withdraw them at any point in the future for you and your family's use. You can even use the funds to create a backdoor Roth IRA by converting it to an ROTH after you turn 59 1/2!

As with any investment, there are a few things that you'll want to remember when opening up a Roth IRA. So, here's a list of some things that you'll want to be aware of before making your first contribution.


1) Contributions are Tax-Deductible


The only real downside to having the ROTH IRA is that the money given into it isn't tax deductible. When you make a contribution, you're putting the money that you're going to use for retirement into a retirement account and we all know how important taxes are when it comes to retirement savings. The good news is that once your contributions are made, you'll actually still be able to deduct them when calculating your taxes. Not only this, but the money that you give into a Roth IRA will also grow tax-free and can actually be withdrawn at any time without paying any income tax on the gains. In other words the money will be yours to do with as you please and you won't have to pay a dime in taxes.

2) There are Limits on Contributions

If you're looking to open up a ROTH, there are some limits as to how much you can actually contribute into the account. This limitation depends on your income level and whether or not you're married. If you're single and earn less than $131,000 per year, then your maximum contribution is at least $5,500.

 

[Ithedicious]

Most of these things will mostly depends on location. Over here if people have opportunity to get their retirement pension there are so many things that can be done with the money such as engaging in business or maybe investment in real estate. We are just looking for opportunities to make sure we make proper utilisation of the money we have collected so that we may not be poor and lacks what to eat in the remaining days of our life .

Over here the government has not made any serious provision for people who have received their pension to invest it properly in something that will help them earn a reasonable amount of money to keep them going for the rest of their life And as a result of this you as a single individual you have to plan properly for your retirement to avoid being in bad and awkward situation .

 

[Carpon]

I think it may be good if you have a separate account where you save funds for your retirement. Saving we all will agree is a good thing and you can save for a lot of reasons but in the aspect of retirement planning savings, I think it should be given priority and be saved separately from your other savings accounts.

Talking about what method can be used to save, there is indeed a lot. You can save in your crypto currency account, PayPal account or your local currency bank account. But since retirement savings begins a long time before the actual retirement, then I think it will be advisable if you save in a firm or an account that can be able to use your saved money or funds productively to generate dividends and give you your own share of the profit realised.

There are a lot of avenues for saving and you only need to explore and find out.

 

[Shaf]

If you can find a service that saves money for retirees, that is, any service different from your company's pension funds, that would be a good place to start. This would ensure you do not have any access to it no matter the emergency till you retire.

If it is not available, you can approach your bank to offer this service for you as a savings account you don't have access to until a specified date. It will benefit them more, so it would be hard to find a bank that would reject such offer.

If I should do so, I would prefer to invest the money than let it sit idle. I would accumulate a significant sum first, then I would approach an investment manager to help me make choices about investment that would yield consistent profits.

If I have a business that's already profitable or one I would love to try after retirement, I would put part of the money in it too. This would be my source of income after retirement.

 

[Richee84]

Retirement savings is the money that an employee has work hard to earn and keep or save for old age when there will be no strength to do any job again.
The retirement savings come in two way which is the personal savings for retirement or the contributing scheme where both the employee and the employer will have to contribute towards their staff retirement.

Retirement savings is seen as an employee future and can not be play with. They must try all things possible to protect it. One of the best way to keep retirement savings safe is to buy a pension policy from insurance company. An employee can purchase an insurance policy that will help him or her to manage the fund until the person old age.
The employee can buy an annuity plan with any insurance company. This annuity plan pays the employee for the rest of his or her life base on the calculation per month.
The employee can invest part of the money and then buy annuity plan that will cover for the rest of the person life. Annuity with any insurance company will guarantee a life pension to the policy holder no matter how small it is.