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Salinas Retirement Planning

Salinas retirement planning starts with you. With the recent trends in the economy the future of your finances and your investments may be in jeopardy. Every single employment company is different and some do not even factor in Social Security Benefits or retirement plans. Get a head start on your golden years by thinking about your Salinas retirement planning now rather than later. The more information you know now, the better off you will be, even if you are not planning to retire for several decades.

Start Planning Early

Salinas retirement planning starts as soon as you enter the workforce. In fact, studies suggest that when you are in your 20's and 30's, you should already be saving for when you retire. You may not have a lot of income coming in and you are probably looking to save as much for a down payment on a house in Salinas, CA; however, even a little bit counts in terms of Salinas retirement planning, especially when you start young.

An IRA or independent retirement account allows your Salinas employer to contribute an amount of your income into your California retirement plans. The most common type of IRA is a 401(k) but you may prefer a 403 (b) plan instead. You can choose to have money automatically taken from your pay check each week or month. It is recommended that you contribute at least 10 percent of your pre-tax wages to your IRA account but if you are just starting out, this may be a little ambitious, especially when you consider the other debts, bills and expenses you need to focus on. Find out if your employer will match your own contributions. Many firms and companies across the state and the nation will match your contributions which can be a way to easily double your 401 (k) every week.

One of the biggest questions when it comes to planning any employer sponsored Salinas retirement planning account is what to do if you change jobs. Should you cash out the money or keep it in the account? It is advisable to keep the money in your account, even if your change careers and employers. You can choose to transfer the money into your own IRA account or onto the new plan with your next employer. If you do take the money out when you leave jobs you will receive a penalty and will have to pay taxes on the amount. If you wait until the account matures (when you retire), then this is tax free money to enjoy in your senior years.

Self Employed Retirement Planning

In addition to the traditional IRA options you can also opt to contribute to a Roth IRA which allows you to contribute an additional $5,000 in after-tax income to another account. If you are just starting out then you will most likely want to put this on hold until you are better established. After all, in addition to planning for your retirement you probably also have other savings account floating around such as a college fund for your kids and perhaps a annual holiday fund. You also need to keep some money hidden away for an emergency fund in the event that something happens that is not covered through your insurance carriers.

If you are self employed you have even more options. You may choose to start up a 401 (k) plan through your business or opt for a simplified employee pension (SEP). Other options include the Keogh plan and the SIMPLE account. Speak to a qualified financial planner in Salinas, CA to determine the right Salinas retirement planning option for you and your small business.

Exploring your Options to Retire

When it comes to Salinas retirement planning, as clearly demonstrated above, there are a lot of options which can overwhelm any resident in California, especially those that are just starting out. You probably want to pay off your car, move out of your rented one bedroom apartment and pay off your student loans before you even think about Salinas retirement planning. And this is completely understandable and smart. However, it doesn't hurt to speak to a financial planner in Salinas about balancing all of your debts, your life goals and your savings accounts now to ensure that you will be secure in your golden years.

Salinas retirement planning is only one piece of the puzzle when it comes to planning your finances. Speak to a Salinas, CA financial planner about putting it all together. With our online search you will be immediately connected to financial planners in Salinas and across the state of California so you can speak to someone that can help you offer you helpful advice on how to manage your finances, save for your retirement years and put the financial pieces puzzle together.

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Retirement Planners In Salinas

At the present time, We do not have any Advisor serving the Salinas area.

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