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Saving for Retirement at Work

Financial Advisor Tim Hayes AIF®, CRPS®, AWMA®, CFS®, APMA®

Saving money in the right plan with the right mix of investments will put you on the path towards a comfortable retirement.

Public school employees are eligible for two plans: a 403b and a 457.

Self-employed business owners can use one of the three.

  • SIMPLE
  • Solo 401k
  • SEP Plan

Plus many of you work for employers who have 401(k) plans where you can choose a traditional pre-tax contribution or an after-tax Roth contribution.

Contributing to Your Plan

If you can’t save the maximum try saving a percentage of your salary, for example, 5%, that way as your pay goes up the rate saved stays the same, but the dollar amount goes up.

Investing In Your Plan

A rule-of-thumb is to subtract your age from 100 and use the result to invest in stocks. So if you are 40 years old subtracting your age from 100 equals 60. So 60 would be the percentage of your retirement account invested in riskier investments such as stocks and high-yield bonds.

A financial advisor can help you take an online risk tolerance questionnaire. The two I know of are Riskalyze and FinaMetrica.

A top independent broker-dealer

Cambridge Investment Research is an independent broker-dealer for financial professionals dedicated to offering objective investment advice to clients. Investment advisory services are offered through Cambridge Investment Research Advisors, Inc., a federally registered investment advisor.

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Financial Advisor Tim Hayes AIF®, CRPS®, AWMA®, CFS®, APMA®

 

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