Bohemia, NY (PRWEB) December 20, 2012
On December 20, 2012, Savings2Income responds to a U.S. News article by Scott Holsopple regarding seven must-do tips for retirement savings.
According to the U.S. News article, “Financial lifecycles tend to reflect the other parts of our lives. And you know what? It’s OK.” The article listed seven tips for adjusting retirement strategy no matter what obstacles a person deals with along the way. One tip the article discusses is once you start working start saving for retirement right away.
The article informs, “Starting early makes saving easier because of compound interest (your interest earning interest), a powerful financial concept not to be taken lightly.” Another tip the article mentions is putting some money from a bonus toward your retirement savings. Making sure you only use your retirement money for retirement is another important tip mentioned in the article.
The article also recommends increasing the amount you save for retirement, avoid early withdrawals and taking advantage of the catch-up contribution feature. According to the article, “Retirement planning is a part of life, or at least it should be, no matter—and perhaps because of—what life throws at you.”
Savings2Income responds to the article with their thoughts and tips of their own on retirement savings. “We agree that saving more, leaving that money for retirement, and maximizing your tax benefits are great advice,” states Jerry Golden, founder of Savings2Income. “However, saving for retirement is only 50% of the challenge; the other 50% is what you do with that savings in converting that savings to income.”
Golden continues, “A strategy just reversing the savings process and ‘de-accumulating’ your savings, based on analysis we performed, is a failed strategy for the average retiree. It might be acceptable for a HNW investor if the retirement savings were only a portion of their savings. Bottom line: be even more diligent in developing a Plan for Retirement Income than you were in building up your savings.”
An innovative retirement planning method called Savings2Income (S2I) created by Jerry Golden seeks to provide a clear path to retirement security for those saving for retirement, soon to retire, and recently retired. S2I incorporates Rollover IRA savings, personal retirement savings held outside an IRA or 401(k) plan and Social Security into an integrated solution.