By Shawn Chandok
One of the most troublesome scenarios a lot of people face during their lifetimes is savings required for retirement. Although it is generally true you should start saving at least 20% of your income when your 18, not everyone does it. Once you begin working, there are several types of retirement plans you might consider. First and foremost there are defined benefit (DB) plans. In a DB plan you are guaranteed a minimum monthly amount of money upon retirement based upon a mathematical formula on how long you worked for the firm and your average salary. On the other hand, in a defined contribution plan (DC) your employer promises to provide a certain amount of money to you after retirement. However this money doesn’t have to be cash, instead it can be a form of company stock or mutual fund, which translates to a higher risk and higher possible return. A popular type of DC plan includes a cash or deferred arrangement (CODA) in which you can also make donations to your account in addition to your employer. A good strategy is to choose a retirement plan that gives you after tax dollars upon retirement because at age 59.5+ you do not want to worry about a substantial portion of your income depleting to past taxes.
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