After years of hard work, most people are eagerly anticipating retirement. Choosing when to retire is an important decision and involves a number of issues you may want to consider in your retirement planning. The more you know before you start making decisions, the better off you will be in retirement. This retirement savings toolkit is brought to you by the Department of Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration. These federal agencies have different levels of involvement in planning and security in retirement.
Retirement Saving Plans
A retirement savings plan offered by your employer is an essential part of your retirement income and security. Ideally, enroll in a 401(k) or other similar types of retirement plans offered by your employer, and plan to contribute as much as possible. If your employer also contributes to the plan, find out how much the employer match is and how much you need to contribute to get all of it. As noted in the timeline, at age 50, you can begin making additional contributions that allow you to catch-up and increase the retirement savings.