Posted on Wednesday, February 29th, 2012 at 10:24 pm.
The way people plan for their retirement has changed. In the past it consisted of three well-defined sections; social security, personal finances, and company pension. These sections have become jumbled over the years, and are much harder to currently pinpoint.
Business retirement plans have changed from benefit pension plans to benefit contribution plans. This means that employees are now more commonly required to take a reduction in their paycheck in order to fund their own retirement plan before their employer will match the amount.
The Social Security retirement age has increased, and the amount of benefits earned has simultaneously decreased. Regardless of the amount of time before you reach your retirement age, it is crucial, more now than ever before, to plan out your retirement in order to achieve the necessary funds that you want for yourself.
If you are looking for retirement advice, please contact Austin Accounting today.