Retirement plan solutions to promote risk reduction for women and to retire on a comfortable lifestyle
Though there are several retirement plan solutions provided for workers and self-employed individuals, many women still see that saving for retirement could be risky. The latest survey made by Transamerica Center for Retirement Studies shows that merely 7% of women are confident that they could totally retire with a comfortable lifestyle. 52% plan to still go to work when they retire. Some reasons why most women think this way is because of lower incomes, timeout of work because of parenting, etc.
Based on the survey, they made a study and specified some steps on how to improve this outlook. One of the steps is to obtain education about retirement investing. Not a lot of women know about qualified retirement plans and the different features each plan has. For women who want to achieve risk reduction on their retirement investments, one of the best retirement plan solutions is for them to set up a Solo 401k plan. This plan will let them choose the type of investment they want to put their money in—real estate, notes, precious metals, and even startup businesses.
This diversified options, let women, with their skills and know-how’s, contribute to the growth of their fund or they can let their expert financial consultant help them grow their money. Aside from various investment options, account holders of Solo 401k plan also serve as trustee of their account which makes them capable to administer their account. Solo 401k allows a plan holder to contribute up to $57,500 which is extremely higher compared to a Roth IRA. These will provide answers to the other step specified by the Transamerica Center for Retirement Studies which is to develop a retirement strategy which envisions what they want to achieve with their retirement in the future and create a goal to set how much money each year they would like to put in the retirement account.