Retirement planning has become more complicated over the years. In addition, more of the planning and funding responsibility falls on the individual. In the past, companies provided pensions (defined benefit plans) that offered a guaranteed income for the retired employee. It was a solid financial foundation that was based on the years that you worked for a company and the average salary that you obtained.
Now it has become more important for each person to understand and manage their retirement planning decisions. There are many more types for retirement plans available depending on your work status or income level, such as; 401k plans, Roth IRAs, 403b plans, 457 plans, etc. It can look like a regular "alphabet soup" of decisions.
So here are a few suggestions and some mistakes to avoid along the way toward building your retirement picture.
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