Good Retirement Investing Advice & Strategy-Tips to Rebuild Your Retirement Savings

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Retirement Blues: From Pension Plan to 401k Plan-Sound Retirement Investing Advice

Powerpoint slides on a superior retirement planning strategy called Roth IRA on Roids which allows for tax-free distributions, tax-free growth, guaranteed principal and guarateed death benefits.We are all still feeling the impact of the financial crisis from 2008. The pension crisis has been brought to the attention of Congress. When President Bush was leaving office, one of his final actions was the signing of an act called the Worker, Retiree, and employer Recovery Act of 2008. This act was designed to decrease the number of employers who were reducing the pension benefits offered by the company. The bill included provisions that includes aid for single-employer pension plans, temporary penalty suspensions for anyone who was aged 70 1/2 or older who did not make required distributions from their 401k plans or IRA plans and relief for multi-employer plans. The act was a huge relief for retirees who were not making distributions. The original penalty of up to 50% was suspended.

Even though this act did offer some relief, it did not stop companies from eliminating pension plans that were once offered to the employees. Most employers have made the shift to offer a 401k plan instead of a traditional pension package. Unfortunately, the financial crisis hit hard, and it affected 401k plans and accounts, decreasing the portfolio value of the plans. This loss in retirement savings has been devastating for many individuals. They were already battling with the loss of value on their homes and losing jobs, and now they are faced with a reduced retirement savings account. The combination of all three creates a difficult situation to manage. Despite the major losses, there is additional relief ahead. There are ways to rebuild your lost retirement savings.

Tips to Rescue and Regain Retirement Savings

The first, and most important, thing to do is avoid cashing out on your 401k retirement plan. Terminating a 401k plan would require you to work longer and will cause you to have reduced income when you do finally retire. Even if you choose to stop contributing, do not cash out your IRA or 401(k). The second thing to do is to rebalance your current assets and maybe even think about what's better, a 401k or Roth IRA. Many employers will offer a quarterly or semi-quarterly rebalancing program. During this time, you can change your investments. If you have one investment that had a high return, you may want to invest more money into it for the next quarter. Make sure you do not place all your eggs in one basket. Be sure to maintain a balanced portfolio. You don’t want all of your money ties up in one investment. If that investment plummets, you will lose all of your savings. The third tip is to remember that saving for retirement takes time. Keep in mind that when investing in 401k plans, the more you invest when the market is low, the faster you will recover the losses.

Even though the current financial situation is disheartening, remember that the market will rebound. It is best to keep contributing if you can afford to do so. When the market does rebound, you will quickly make up for any losses you have incurred over the past two years. While it may not seem a positive thing, this crisis could be the best time for anyone under 40 to begin building wealth for retirement. Now is the best time to invest. You will reap the benefits hugely when the market rebounds.

But we need to learn from our mistakes and take a slightly different approach. Take a look at a Roth on RoidsTM which goes up with the stock market, but never goes down with it.

Rocco Beatrice, CPA, MST (Master of Science in Taxation), MBA (Master of Business Administration), BSBA (Management/Accounting), CWPP (Certified Wealth Preservation Planner), CMMB (Certified Mortgage Broker), CAPP (Certified Asset Protection Planner), Managing Director, Estate Street Partners, LLC. Mr. Beatrice is an asset protection, award-winning trust, estate planning and tax expert.

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