This report will reveal the secrets of... Why you’re not actually saving for retirement, Why you’re definitely not saving on taxes and Why your 401(k) puts your Social Security in jeopardy. And will also provide you with solutions that make retirement more secure, by minimizing taxes, making retirement income easier to produce and understand (and letting you keep more of your money) and helping to answer the question, “Do I have enough?”
So, you’re doing everything you’ve been told to do to prepare for retirement. You’re paying yourself first. You’re automatically contributing to your company sponsored retirement plan. You’re capturing your company match. You’ve even gotten some life insurance to take care of your family, just in case you don’t make it there. Hopefully you will but, is your 401(k) really the best thing you could be doing to get you there?
Here’s what we’ve been taught: You should put the first 10% of what you earn into saving for your future. Of that savings, you should be sure to put at least enough in to capture any “free money” match to contributions offered your company. By contributing to the company plan, you are “saving” for retirement. You are also “saving” on taxes. During the last several years of your working career, dump as much as you can in and “catch up” on any missed contributions, or if you feel you are behind. When you finally retire, growth on the contributions (and any company match) will provide you with the means supplement Social Security and support a comfortable retirement, where you will be paying lower taxes than you did while you were working...