From the course: Helping Your Employees Meet Retirement Goals
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The basics of saving for retirement
From the course: Helping Your Employees Meet Retirement Goals
The basics of saving for retirement
- Getting to retirement can be a complicated journey especially 'cause there's so many ways to save for retirement. As an HR professional, it's important that you understand the fundamental ways that people save for retirement and how your company's retirement plans fit into the overall picture of retirement planning. Let's start from the top with government plans. Many governments have decided that they need to play a role in supporting their citizens in retirement. In most cases, these plans take money directly out of paychecks, put it away, and then return it as monthly income during retirement. In the U.S., this is the Social Security Program and the Canada Pension Plan in Canada, but most government plans are not enough to live off which brings us to number two: personal retirement plans. These are tax advantage accounts which are set up, funded, and managed by the individual investor. There are usually limits as to how much can be put into these accounts and how much can avoid…
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