Suze O Deluxe-Retirement Plans 16

SUZE ORMAN

The Ultimate Protection PortfolioTM Retirement Records

This product provides information and general advice about the law. But laws and procedures change frequently, and they can be interpreted differently by different people. For specific advice geared to your specific situation, consult an expert. No book, software, or other published material is a substitute for personalized advice from a knowledgeable lawyer licensed to practice law in your state.

HAY HOUSE, INC.

Carlsbad, California ? New York City London ? Sydney ? Johannesburg Vancouver ? Hong Kong

Copyright ? 2003 by Suze Orman Media, Inc. All rights reserved. Suze Orman? is a registered trademark of Suze Orman. Suze Orman--The Ultimate Protection PortfolioTM is a trademark of Suze Orman. People First, Then Money, Then Things? is a registered trademark of Suze Orman. Published and distributed in the United States by Hay House, Inc., P.O. Box 5100, Carlsbad, CA 92018-5100 ? Phone: (760) 431-7695 or (800) 654-5126 ? Fax: (760) 431-6948 or (800) 650-5115 ? ?

All rights reserved. No part of this guidebook may be reproduced by any mechanical, photographic, or electronic process, or in the form of a phonographic recording; nor may it be stored in a retrieval system, transmitted, or otherwise be copied for public or private use--other than for "fair use" as brief quotations embodied in articles and reviews without prior written permission of the publisher.

The author of this guidebook does not dispense legal advice. The intent of the author is only to offer information of a general nature. In the event you use any of the information in this guidebook for yourself, which is your constitutional right, the author and the publisher assume no responsibility for your actions.

ISBN 13: 978-1-4019-0345-9 ISBN 1-4019-0345-2

16 15 14 13 12 11 10 9 8 7 1st printing, November 2003

7th printing, March 2016

Retirement Records

Please locate the documents listed in the "Retirement Records Checklist" below and file them in your Protection Portfolio.

RETIREMENT RECORDS CHECKLIST

q P ension-plan summary description, annual plan statement,

and annual individual-pension-benefit statement

q M oney-purchase/profit-sharing-plan documents q B eneficiary designations q R etirement-account withdrawals

When the time comes for you to begin withdrawing money from your retirement accounts, please store records of those transactions in the Protection Portfolio for at least three years.

2

S u z e O r m a n -- T h e U l t i m a t e P r ot e c t i o n P o r t f o l i o TM

Time and Your Retirement Plans

Retirement planning is a linchpin of financial security for you and your family. After all, each of us will one day have to live on the money we've saved rather than the money we're earning. The time to start planning for that day is now. To help evaluate your readiness, please answer yes or no to the following questions:

? If you're employed by a company or firm that offers a retirement plan, are you currently participating in it (or planning to participate when you're eligible)?

? If you're self-employed, do your contribute to a Keogh plan or SEP-IRA?

? If you answered yes to either question, are you making the maximum contribution allowed by law?

If you didn't answer yes to the questions above, I have to tell you that in my opinion, you're making one of the biggest financial mistakes possible.

Let me ask you one more question: If you can't afford to put money away for your retirement because you don't have enough money to pay your bills now, how do you expect to pay those same bills when you no longer have a paycheck? Write your answer below.

Retirement Records

3

Nice try, but there really is no answer. The only way to ensure that you'll be able to cover your living expenses in retirement is to plan for them now, and that means saving and investing for your retirement. No matter how modest a salary you have, you can--and must--start putting away money right now.

How to Save More--and More Wisely--for Retirement

If you don't have credit-card debt, and if you're signed up at work for a 401(k), 403(b), 457, or SIMPLE plan, I want you to go to your human-resources department and make sure that you're contributing up to the company match. If you haven't signed up for your retirement plan, please do so now. Then see page 12 for my advice on what to do once you've contributed up to the point of match. If you're self-employed or your place of employment doesn't offer a 401(k) or a similar plan, please read on and take the actions that are right for you.

If you do have credit-card debt, and if you're eligible to invest in your 401(k), 403(b), 457, or SIMPLE plan, please answer yes or no to the following questions:

Do you hate having credit-card debt?

Is the interest rate on your credit-card debt higher than the average rate of return on your 401(k) or similar retirement plan?

YES

NO

q

q

q

q

If you answered yes to both questions, I want you to begin changing the way you contribute to your 401(k) or similar retirement plan, based on whether or not your company matches your contribution. Please consult the following chart.

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download