How to Find a Retirement Plan
Retirement plans come in many varieties with even more investment options. The amount of choices available can be overwhelming if you are unaware of where to go to find the right retirement account for your investment needs. Retirement plans include employer sponsored plans, individual retirement accounts (IRAs) and annuities. The Internal Revenue Service allows these retirement structures to invest in bank savings, stocks, bonds, mutual funds and even real estate and precious metals. When looking for a retirement plan, consider your investment objectives and risk comfort zone to get a suitable one.
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Instructions
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Call your employer's human resources department to see if there is an employer-sponsored plan. Many employer plans, such as 401k and 403b plans, match any contribution you make, essentially doubling your contributions in some cases. Additionally, the IRS allows the largest contributions for employer plans. If your employer offers a plan, an enrollment package can be sent to you to start contributing.
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Meet with your bank's personal banker. Banks offer conservative savings and time certificate IRAs. The Federal Deposit Insurance Corporation insures bank IRAs up to $250,000 per beneficiary if the bank fails.
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Find local brokerage services that offer stock, bond, mutual fund and annuity IRAs. Banks often have subsidiary brokerage service firms, as do insurance companies. There are also many independent brokerage service companies found online and in your community or local business center.
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Call your tax adviser for recommendations on brokerage firms and specialty IRA custodians who manage real estate or gold IRAs. Specialty custodians are less abundant because fewer investors understand these investments or want to deal with the added cost and paperwork of maintaining them to comply with IRS regulations. While you are speaking with your adviser, ask whether the Roth or traditional IRA is a better option for your retirement needs.
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