Bohemia, NY (PRWEB) May 13, 2013
On May 13, Jerry Golden, developer of Savings2Income, advises newlyweds on how to save for retirement in an About.com article.
According to the About.com article titled “How to Save for Retirement As Newlyweds” published on April 29, most newlyweds don’t think worrying about retirement is necessary. However, Golden says earning and saving for retirement is a key for a healthy life together.
“Building your personal savings is something that needs to be addressed,” he says. “When you first get married, there are a few big expenses you have to think about, including buying a house, children’s education, and retirement. You must have a plan for each of these to ensure the comfortable life you want to share together.”
In order to begin saving for these situations, Golden says it’s important to envision the life you want down the road. “You should discuss what you want to do during retirement and how you picture your future,” he says. “From there, you have to calculate how much money you need to save to make your vision possible. Give yourself a deadline and then plan on how you could generate spendable income down the road.”
Golden explains that newlyweds need to take advantage of employer contributions to 401(k) plans at work and also make smart low-cost, tax-efficient investments. “When starting a new job, you should be putting the maximum amount possible into these defined contribution plans,” he says. “You may not be able to retire on the income from these types of plans alone. You should also make some low-cost investments. Certain annuities could deliver annual income at a low cost and could be tax-deferrable.”
Whether making contributions to employer plans like a 401(k) or investing on your own on a regular basis, Golden says it’s important that newlyweds manage their budget and lifestyle with their net pay (after payroll taxes and regular 401(k) contributions) Golden says in the article. "So, live on perhaps 90 percent of your take-home pay, and put the other 10 percent into retirement savings," he adds.
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.