Planning for income to be received after retirement is your responsibility, especially since the traditional employer-funded retirement plans and their popularity is fading. With a high-powered lifestyle and growing needs, Social Security benefits may not be enough to insure a comfortable life after retirement. Without a retirement plan, you could face a future that will be full of financial uncertainties and hardships.

The 401(k), the IRA, the 403(b), the 457 Plan, the Solo 401(k), the Simple IRA, the SEP IRA everyone is familiar with or has heard of Uncle Sam’s shorthand for popular retirement plans offered to the working populace of the country. while plans can be broadly divided into Individual plans (Rollover, IRAs, myRAs, Spousal IRAs, Roth IRAs and the usual traditional IRAs), Defined/Employer-sponsored retirement plans (Thrift Savings Plans, 457(b)s, 403(b)s/TSAs, Roth 401(k)s and the usual 401(k)s), and the Self-employed retirement plans (Simple IRAs, Solo Roth IRAs/Solo 401(k)s, etc.).

Normally when it is time for retirement, one barely thinks or wishes to think about work because that is exactly what you are getting away from in the first place. Yet a situation might occur that after some time, you might be left entirely jobless and to some extent, penniless.

There’s more to retirement planning than just funding your 401(k) or IRA. One of the chief reasons why people engage a financial planner is to know if, and when, they can retire. Just the thought of retirement can cause anxiety and many feel overwhelmed and unprepared. Listed below are some retirement planning mistakes that one should avoid.

Now that your retirement age is near, you are definitely planning on shifting to retirement communities that are away from the hustle bustle of the city, where you can relax and have a good time. The best way to find one is through website www.social security administration.gov and continuing care retirement communities association.

One cannot escape taxes even after one retires. But there are certain states that are more tax-friendly than others. And for the individuals who are going to retire and live on a fixed income, these tax-friendly states can be a better choice. So that they can comfortably spend their money as well as enjoy their golden retirement years in peace.