Choosing the retirement advisor near me for you can be a very stressful undertaking. Everyone knows that planning for retirement is extremely important; more so now those pensions have become all but extinct. Add to this the fact that most people live longer now than they did thirty or forty years ago and you are faced with the prospect of making your dollars stretch quite a bit. Choosing the retirement advisor near me doesn’t have to be difficult, strip every plan down to its basics and you will soon have an idea of what works best for you.
Ideas for the Retirement advisor near me
The 401(k) plan is one of the most popular retirement plans, largely due to the fact that employers match employee contributions. However the rate at which an employer will match your 401(k) contribution differs from state to state, and from company to company.
Its biggest draw is the matching contribution made by a person’s employer, because of this it may not be the retirement advisor near me for self-employed individuals. However a 401(k) can still work out to be the retirement advisor near me for you depending on several factors.
One factor that you should consider when looking at a 401(k) is the range of investments available to you. If there is no matching contribution you will need a wider choice of investments.
Stocks, bonds, and mutual funds are important investment tools to have at your disposal. If your investments are being limited under a 401(k) plan then the retirement advisor near me may be an IRA instead.
When you are choosing a retirement plan another factor that you should take into account is the accessibility of the funds. While it is never a good idea to withdraw retirement funds there are emergency situations where this is your best option.
If this is a concern then you should be aware that funds cannot be withdrawn from a 401(k) plan. However some plans allow for an individual to take a loan on the fund and pay it back within a certain period of time.
The advantage of an IRA over a 401(k) in this respect is that you can withdraw money from an IRA at any time. The drawback however is that you cannot repay the money that you withdraw from your IRA. If the amount you choose to withdraw is substantial then this could mean serious problems down the road. You will need to weigh up these factors when deciding what the retirement advisor near me is for you.