Cliffs notes planning your retirement by G. Michael Perry, Howard L. Sorkin

By G. Michael Perry, Howard L. Sorkin

Your shortcut to luck™ for over forty years CliffsNotes. They helped you get via institution. Now allow them to assist you get via lifestyles. With this trusty consultant, you will get on top of things speedy on how one can commence saving for these golden years.Check out our different CliffsNotes titles See the interior again pages for an inventory of CliffsNotes on desktops, software program, the web, own Finance, and Careers — and search for CliffsNotes on different themes coming quickly.

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When you are fully vested, you “own” the rights to receive the full amount of your retirement benefit from the plan. In a defined contribution plan, this means that if you leave the company after putting in the time to become fully vested, you are entitled to all the money in your retirement account. Your retirement account includes not only your own contributions but the matching funds your employer supplied and the investment growth resulting from the options you have selected. All the money that you contribute to the benefit program is immediately your own.

But a careful look at these typical figures suggest that if you are 60 and stay on the job for another five years, you can just about double the amount of your fixed retirement pension. 36 CliffsNotes Planning Your Retirement Table 3-1: Can You Afford Early Retirement? Current Age Years of Service Annual Pension Annual Pension Start, age at left Start, age 65 55 20 $7,200 $12,000 56 21 $8,467 $13,230 57 22 $9,896 $14,553 58 23 $11,502 $15,975 59 24 $13,302 $17,503 60 25 $15,315 $19,144 61 26 $17,561 $20,906 62 27 $20,060 $22,795 63 28 $22,835 $24,821 64 29 $25,913 $26,993 65 30 $29,320 $29,320 Leaving before you’re fully vested A qualified defined benefit plan may use any of several available vesting schemes, as long as it meets ERISA’s requirements.

As with any qualified retirement plan, employees don’t pay taxes on the money the employer contributes for them or on the investment returns until the employee actually withdraws the funds. Many companies with defined benefit plans also offer 401(k) plans to employees who want to save more for their retirement by using a salary deferral arrangement. See Chapter 5 for more on 401(k) plans. Planning for Changes and Inflation One of the key characteristics of the defined benefit plan is that the pension or benefit is defined, or “identifiable in advance” — it stays the same.

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