Retirement plans are much like a pair of shoes, some want something fancy, others may want something comfortable, while some may just want thee bare essentials- one size does not fit all! Some retirees may want to travel and see the world, while others may just want to relax in front of the fireplace.
INDIVIDUAL RETIREMENT PLANS EXPLAINED
Most Individual Retirement Plans will commence when an employee is around the age of 50, but this can also be available for persons as young as 40 years of age. Even so, this type of plan may not be for everyone. Considerations which should be made for those interested in Individual Retirement Plans could include current and projected income, the desired rate of returns, the nature of your employment and several other key factors. Due to their generally higher level of complexity, it is most advisable to speak to a specialist with sufficient training and experience to guide you through the various available options and benefits of this kind of retirement plan.
Most pension schemes are however group schemes and offer very little wiggle room for customising the kind of benefit package which may suite your needs. For this reason you may want to consider an Individual Retirement Plan- while is essentially a retirement plan for just one member, you. Although these types of plans are typically aimed at higher income individuals, there are options available for every income bracket.
Even though this can be entirely funded by an employer, there are options available for co-contributions by you and the employee. The great thing about this specific type of plan however, is that unlike other retirement plans, this one becomes more beneficial to you the older you are when you start.