Are you Ready for Retirement?

When Social Security was created, it was meant to supplement a person’s other retirement savings.  Too many Americans today, however, do not have other retirement savings and do depend on Social Security as their only income in retirement.  Many of those who had retirement savings were forced to tap into those accounts during the recession in the early 2000s and have not been able to rebuild their retirement accounts.  It’s not too late; take steps now to save something for your retirement.  There are a number of options available for retirement savings.  For those whose employers offer a 401(k) or similar program at work, participation in those programs offer great tax advantages.  There are traditional Individual Retirement Accounts (IRA) that offer tax savings now or Roth IRAs which offer tax savings later.  If you own your own business there additional opportunities and programs available to you.  Depending on your income level, you may even qualify for a small tax credit called the “Savings Credit”.