Joslin Rhodes’ Solutions
Pension planning is a complicated task. It requires an understanding of both the tax system and financial markets, as well as knowledge about how to use complex software programs like Microsoft Excel. Joslin Rhodes has been helping people create their pension plans since she founded her company in 2000, and knows that this process can be difficult for anyone without the right education or experience. That’s why Joslin Rhodes pension advice and retirement planning is great, including advice on managing pensions to help you get started with your plan today!
The first thing to understand about pensions is that they come in two main varieties: defined benefit and defined contribution. A defined benefit pension gives you a set amount of money each month, regardless of how the stock market performs. This type of pension is becoming increasingly rare, as most employers now offer employees defined contribution plans instead. With a defined contribution plan, the employee contributes a fixed sum to the plan every month, and the employer often matches this contribution. The money in these plans grows tax-deferred until it’s withdrawn after retirement.
This difference between the two types of pensions can be confusing for some people, but it’s important to understand which one you’re eligible for before making any decisions about your retirement planning. Joslin Rhodes can help you figure out which type of pension you have, and can also provide advice on whether you should switch to a different type of plan.
Once you’ve determined the type of pension you have, it’s important to start thinking about how much money you’ll need each month in retirement. This number will vary depending on your lifestyle, but Joslin Rhodes recommends saving at least 70% of your pre-retirement income. If that sounds like a lot, don’t worry – there are plenty of ways to save for retirement without breaking the bank. One option is to contribute to a 401k or other employer-sponsored plan; these plans allow employees to save money tax-free until they retire.