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5 Things You Can Do Now To Improve Your Financial Security For Retirement (continued)

July 17, 2009 on 11:00 am | In Baby Boomers, Investment Advice for Women |

Here is step 5 of what every Baby Boomer woman should do now to create financial security for retirement…plus a final word.

5. Open a Roth IRA.

Hedge Your Bet Against Future Higher Taxes-By Having More than One IRA. A Roth IRA uses after-tax money to build it and gives you more options in how you take money from your retirement savings after your retirement. With both a regular IRA and a Roth IRAs, you can choose whether to withdraw either taxable or non-taxable income in a given year, or a mix of both, depending on the income and the tax rates you will face that year. You see, it’s not just how much you save on taxes today with your retirement account; it’s how much you’ll save tomorrow, when it’s time to take distributions (including, mandatory distributions after age 70-1/2). How would you like to have the added flexibility to withdraw from after-tax money (with a Roth IRA or Roth 401k)? The net result is that your money grows tax deferred in both cases, but because you get to keep more of what you take out each year (because the tax man gets less), you deplete your savings more slowly. Pretty smart huh?

Final Word

It’s important to have a stream of financial advice and resources you can trust from a source that acts as your advocate, with informed, unbiased perspectives and second opinions. While not always easy to find, the right sources can help you gain confidence that you’ve covered all the right bases in the future, help you evaluate your investment options, assure continuing income, and take the needed steps to prepare for a future without fear.

Above all, it’s time to choose every financial move you make starting in 2009 with a new, hyper-awareness and care in the selection process: from here on out, it’s got to be all about how you select the PRODUCT, and how you select the COMPANY.

The Baby Boomers Retirement Network (BBRN)^TM and our Baby Boomer Retirement Insider’s Club (BBRIC)^TM offer advice, resources, and second opinions that baby boomers need to stay afloat in the current economic crisis and in the challenging years ahead.

The Club provides a proven easy-to-use 3-step process everyone can use to clarify their priorities, develop confidence, create a sound action plan, and find the right resources to get the job done the right way,  regardless of the declining economy. To get started, you’ll find free tools and calculators at www.mybbrc.com that can help you develop an intelligent and workable roadmap and financial plan for your retirement years.

Go there now and take the free 10-Minute Quiz. You’ll be amazed at what you learn.
For more information on the benefits you’ll receive by joining the Baby Boomer Retirement Insider’s Club (BBRIC)^TM , go here.

We’ve all had too many surprises and upsets in the past year, but it’s still going to be a very scary economy for the next few years ahead. You can count on this for sure: no one is going to be as informed or as concerned about your well-being, and your future security, as you are. We’ve now got to take matters into our own hands, not assume anything we are told or read is 100% true, and investigate the costs, risks, and fees of every product ourselves, until we truly understand what we are buying and why, as well as the Company that is providing the product and what kind of financial stability is underlying it.

Please comment. I would like to know what you think about this five part series.