A spouse who stays at home to take care of children or other dependents is likely to have reduced Social Security benefits and will not have access to a workplace retirement plan. So a spousal Individual Retirement Account (IRA) can be an important step to enabling retirement security. An IRA is a tax-advantaged way to accumulate money for retirement. In order to contribute to an IRA you must have taxable compensation. But if your spouse has taxable compensation and you file a joint return, then you can fund an IRA. This 2-page fact sheet was written by Lisa Leslie, and published by the UF Department of Family Youth and Community Sciences, November 2014.
http://edis.ifas.ufl.edu/fy1456
Tag: Retirement Planning
An Introduction to Annuities
An annuity contract is purchased from a life insurance company. The individual gives the insurance company a lump-sum payment or a series of payments. In return, the company will provide a stream of payments to the individual. Although an annuity is purchased from a life insurance company, it serves a different purpose than life insurance. Below is a chart comparing life insurance to annuities.
This 4-page fact sheet was written by Michael S. Gutter and Lisa Leslie, and published by the UF Department of Family Youth and Community Sciences, March 2014.
http://edis.ifas.ufl.edu/fy1406
Retirement Need Analysis: How Much of My Current Income Will I Need for Retirement? (FCS7251/FY1355)
The amount of money needed for retirement varies from person to person. There may not be an exact amount, but there are ways to estimate the amount you will need. While no “magic number” exists for the amount you should save for retirement, there are calculations you can use to estimate the amount you will need. Calculating your wage replacement ratio (WRR) using either the top-down or bottom-up approach can help you determine how much money you should put aside for retirement and provide you with savings goals. This 3-page fact sheet was written by Jorge Ruiz-Menjivar and Martie Gillen, and published by the UF Department of Family Youth and Community Sciences, March 2013.
http://edis.ifas.ufl.edu/fy1355
Employer Sponsored Retirement Savings Plans (FCS5258b/FY1286)
A financially secure retirement is a goal for many workers, and the ability to achieve that plan can be helped by employer-sponsored retirement plans. Learn more in this 3-page fact sheet written by Rachel Dorman, Lisa M. Leslie, Michael S. Gutter, Martie Gillen, and Josephine Turner, and published by the UF Department of Family Youth and Community Sciences, April 2012.
http://edis.ifas.ufl.edu/fy1286
Individual Retirement Accounts (FCS5258/FY642)
An individual retirement account (IRA) is a good tool to build retirement funds. This type of account has been offered since 1974 and comes with special tax advantages. An IRA can be opened through a financial institution such as a bank, credit union, mutual fund company, or brokerage firm. Learn more in this 4-page fact sheet written by Rachel Dorman, Lisa M. Leslie, Michael S. Gutter, Martie Gillen, and Josephine Turner, and published by the UF Department of Family Youth and Community Sciences, April 2012.
http://edis.ifas.ufl.edu/fy642
FCS3305/FY1105 Reverse Mortgages: Understanding the Basics
FCS3305, a 7-page fact sheet by Michael S. Gutter, Selena Garrison, Brent Litchfield, and Lisa Leslie, describes this type of tax-free loan that can be used to help fund retirement – requirements, cost considerations, alternatives, types of reverse mortgages, fees and interest, limitations, distribution types, and types of unscrupulous practices. Includes references. Published by the UF Department of Family Youth and Community Sciences, October 2009.
http://edis.ifas.ufl.edu/FY1105
FCS7240/FY1109 Managing in Tough Times: Downsized — Job Loss and Retirement Plans
FCS7240, a 5-page fact sheet by Brandon Butcher, Michael S. Gutter, and Brent Litchfield, answers some common questions individuals may have about what happens to retirement plans when the employee leaves a job. Includes references. Published by the UF Department of Family Youth and Community Sciences, October 2009.
http://edis.ifas.ufl.edu/FY1109