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Retirement Planning Programs - Summary

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A number of tax-deferred retirement plans are available to employees and self-employed persons. Thanks to the Economic Growth and Tax Relief Reconciliation Act of 2001, contribution limits have been increased and catch-up provisions established. Some retirement savings programs (e.g., 401(k)s) allow an up-front tax deduction of the amount contributed, in addition to tax-deferred growth of the principal. Additional information is available through professional financial advisors, retirement-planning software and worksheets, websites, and employer educational programs. The sooner one starts to save, the longer compound interest will work its magic. Even small dollar amounts add up. A $20 weekly deposit earning a 10 percent average return over forty years will grow to $506,300.

BARBARA O’NEILL

BIBLIOGRAPHY

American Savings Education Council. Choose to Save Forum on Retirement Security and Personal Savings: Agenda Background Materials. Washington D.C.: ASEC, 2000.

BABICH, A. C. ‘‘Cash Balance Plans: The New Trend in Retirement.’’ Journal of Financial Planning, (April 2000): 92–99.

CARLSON, C. B. Eight Steps to Seven Figures. New York: Doubleday, 2000.

Certified Financial Planner Board of Standards. Ten Questions to Ask When Choosing a Financial Planner. Denver, Colo.: CFPBoS, 1998.

Employee Benefit Research Institute. The 2000 Retirement Confidence Survey Summary of Findings. Washington D.C.: EBRI, 2000.

MCREYNOLDS, R. ‘‘How’s Your Pension?’’ Mutual Funds, May, 2000, p. 107–108.

O’BRIAN, B. ‘‘Calculating Retirement? It’s No Simple Equation.’’ The Wall Street Journal, 7 February 2000, p. R1, R5.

O’NEILL, B. Investing On A Shoestring. Chicago: Dearborn Financial Publishing, 1999.

OPIELA, N. ‘‘401(k) Education: Planners Responding to Plan Participants’ Calls For Help.’’ Journal of Financial Planning, June, 1999, p. 58–64.

OSTUW, P.; PIERRON, B.; and YAKOBOSKI, P. ‘‘The Evolution of Retirement: Results of the 1999 Retirement Confidence Survey.’’ In EBRI Issue Brief 216. Washington D.C.: Employee Benefit Research Institute, 1999.

Personal Tax Planning After the 2001 Tax Law. Albany, N.Y.: Newkirk Publishing, 2001.

ROHA, R. ‘‘Stock Options Aren’t Just for Bigshots Anymore.’’ Kiplinger’s Personal Finance Magazine, April, 1999, p. 99–101.

Rutgers Cooperative Extension. Investing For Your Future: A Cooperative Extension System Basic Investing Home Study Course. New Brunswick, N.J.: RCE, 2000.

STORMS, R. ‘‘Financial Education: Employer Trends, Benefits, and Considerations.’’ Personal Finances and Worker Productivity 3, no. 2 (1999): 25–28.

2001 Tax Law Summary. Albany, N.Y.: Newkirk Publishing, 2001.

U.S. Department of Labor. Simplified Employee Pensions: What Small Businesses Need to Know. Washington D.C.: DOL, 1997.

WHELEHAN, B. M. ‘‘The 123s of 401(k), 403(b), and 457 Plans.’’ Mutual Funds, July, 1998, p. 31–32.

YAKOBOSKI, P.; OSTUW, P.; and HICKS, J. ‘‘What Is Your Savings Personality? The 1998 Retirement Confidence Survey.’’ EBRI Issue Brief 200. Washington, D.C.: Employee Benefit Research Institute, 1998.

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