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Davenport Retirement Planning

Davenport Retirement Planning should include a number of options, from savings to company retirement planning to investments.

Located along the Mississippi River on the border of Iowa and Illinois, Davenport is the third largest city in IA, with a population just under 100,000. It is the largest of the Quad Cities, which include Bettendorf and the Illinois cities of Moline, East Moline, and Rock Island.

Forbes recently ranked Davenport as the best metropolitan area for cost of living. Additionally, CNN Money ranked Davenport as having the 16th most affordable housing in the country, with home prices averaging around $99,000. What this means for your Davenport retirement planning is that the money you accrue in your nest egg will go a lot further in the city than in other metropolitan areas of the country.

Start with the Basics

As you begin your Davenport retirement planning, start with the basics: Find out how much you will need to live comfortably in the IA city and start planning a course towards that number. Your nest egg should be made up of a combination of Iowa retirement savings vehicles, starting with a savings account. As that account grows, put a portion of the money into a separate account, such as an Individual Retirement Account or a Roth IRA, to take advantage of higher interest rates, and to protect the money set aside for your Davenport retirement planning.

There are advantages to both IRA plans and it is important in your planning to decide which is best for you. With a traditional account, you pay taxes when you withdraw the money. With a Roth IRA, you pay taxes on the money contributed to the account, but there are no taxes when you withdraw the money.

Let your Employer Help

Along with your savings, also begin planning to participate in your company's retirement program. Many large companies offer 401Ks. If possible, put the maximum amount allowed in that account each year and watch your money grow. An added benefit to 401K accounts is that many employers will match your contributions, up to a certain amount. Check with your employer to find out its limits to help in your planning.

Other company-sponsored retirement vehicles include Simplified Employee Pension (SEP) plans, which are usually offered by smaller businesses. In these accounts, the employer contributes to IRAs for eligible employees. Companies with less than 100 employees also might offer Savings Incentive Match Plans for Employees (SIMPLE) IRAs. With these, the company matches your contributions, up to a certain percentage of your salary. If you work for a school district or a non-profit organization, your employer might offer a 403(b) plan, which is similar to a 401K plan.

On Your Own

Don't rely on your employer as the sole source of your Davenport retirement planning. Consider investing in the stock market, choosing individual stocks or mutual funds. Find a financial investment counselor you trust to help you navigate Wall Street, especially as you get closer to retirement age. You don't want to choose investments that may offer a higher pay-off, but come with a higher level of risk. If you lose part of your nest egg later in life, you don't have the time to make up for those losses, financial experts warn.

The home you are living in now also can contribute towards your Davenport retirement planning. As you prepare to move to the IA city, you can sell your home and use those proceeds to buy a new home in Davenport, downsizing in the process. Many retirees in the Iowa city choose to live in senior communities, which offer a variety of living options from apartments to homes to assisted living.

Don't forget your Social Security benefits, which will make up a portion of your Davenport retirement planning. Each year, the Social Security Administration sends out a form, right around your birthday, that details how much you can expect to receive in monthly benefits for your Davenport retirement planning. That amount is based on what you paid into the system. It also varies according to when you choose to retire. If you can put off retiring to Davenport until age 70, rather than age 65, your monthly checks will be bigger. This also will give you an additional five years in the workforce to contribute to your savings, 401K, and other accounts.

As you begin your Davenport retirement planning, make it a priority to find a financial counselor who can lead you every step of the way. It may pay to find someone in Davenport to help you in your planning to create a budget for not only after you retire, but before, so you can ensure that you are on track to spend the rest of your life living comfortably in a style you deserve.

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