401(k)s & IRAs For Dummies

Introduction

Bumper stickers I’d love to see: “I’d Rather Be Managing My 401(k)” and “Honk if you love your IRA.” Made you snicker? I agree. Most of us have better things to do with our time than planning for retirement. You probably wouldn’t rather be managing your retirement accounts — you’d rather take in a movie, watch a ball game, or pursue your favorite hobby. But it’s hard to enjoy yourself if you’re plagued by a nagging worry that you could end up destitute in retirement. Spending some time thinking about and planning for your retirement can pay you big dividends down the road.

The concept of retirement has changed dramatically over the last decade or so. Social Security seems less than secure, and it was never meant to cover all your retirement needs, anyway. Most people can’t count on receiving a traditional fixed pension from their employer. The burden of retirement planning falls squarely on your shoulders at a time when you’re living longer and need more money to finance retirement.

I have good news for you. Although you do have to take responsibility for your own retirement saving, you don’t have to let retirement planning take over your life. Investing a bit of time now in ways I explain in this book should enable you to eventually sit back and relax.

There are lots of places where you can find basic information about all the different types of 401(k) and IRA plans, but finding insight into which one may be best for your business is challenging. I include that ...