The sheer number of options available to plan for retirement, and their confusing names and acronyms, can make you want to avoid the process altogether. For instance, IRAs are a type of investing tool that allow you to set aside money specifically for retirement, but they do not come in a one-size-fits-all package. There are several types of IRAs you can choose from based on your situation. Some are tax deductible, and others are not, but all have tax and other related benefits.
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Social Security - and its security as a social welfare program - is a hot topic every election year. The clock is ticking to the end of the current program's solvency. The need to make politically tough changes to keep it afloat, combined with the dearth of retirement savings and numbers of baby boomers retiring now, can and should make all adults worried about Social Security and money for retirement.
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Preparing for retirement requires accumulating assets to cover your financial needs later in life. Most people try to establish a budget for their post-retirement years, or a specified percentage of assets that can be tapped annually without running out of money. Many forget to establish an emergency fund for their golden years or think it isn't needed. However, the reality is that you still need readily accessible cash that you can use for unexpected expenses.