Saving for Retirement 

Saving for retirement is important. It may seem boring but it’s important. Maybe you don’t have a plan. If that’s true I’d really like you start one this year. There are many kinds of plans for all different situations. And I can’t say for sure which one is right for you because I don’t know your exact needs, but here is a general idea of what’s available and how it would work.Retirement plans boil down to two general types: plans for the work place and plans for individuals. The tax code determines narrows down the choices of the plan that is right for your needs. Plans for the work placeThe most common work place plans are 401(k)’s, 403(B)’s and SIMPLE IRA’s. Tax-exempt organizations, such as schools, hospitals and towns probably use 403(B)’s. Business generally use 401(k)’s. Smaller businesses may use SIMPLE IRA’s. They may have less administrative costs and can be used with businesses with less than 100 employees.Plans for individualsFor individuals there are Individual retirement plans, the IRA. There are all kinds of IRA’s which may be why it may feel a bit confusing when you think about them: ROTH IRA’s, Traditional IRA’s, SEP IRA’s. Your needs and particular situation determine what plan is right for you.This can be confusing because the tax code is the controlling regulation for the variations. Talk with a financial advisor, an attorney or your tax preparer for more info. But DO start a retirement plan today! Marion R. Syversen, MBA – [email protected]com Check out our website that includes weekly streaming Voted Bangor’s Best Financial Planning Firm 2009 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.