The most important, and often most often overlooked, source of retirement income is ones own personal savings. Savings made to IRA accounts, directly held assets, home equity, etc. will largely determine how financially secure your retirement years will be. Changing Your Current Course There are many ways that proper planning can improve your current retirement outlook. The more time you have to prepare, the more change you can effect in your retirement income. A sound financial plan and ongoing professional advice can help you obtain your retirement objectives.
None plans to fail, they simply fail to plan.
There is a wide variety of tax-advantaged ways for individuals to save for retirement. Because of their income tax benefits and because IRAs are so easily established, they have become one of the most often used retirement savings vehicles available today. Earnings on these contributions grow tax-deferred until withdrawals. Your IRA contributions may also be deductible depending on your participation in an employer maintained retirement plan, your adjusted gross income, and your filing status. Funds, including earnings, can potentially be withdrawn from a Roth IRA federal tax-free.