| Q. I'm sure the company
retirement plan was explained to me when I was hired, but I
don't remember what was said. Where do I get information on
my company retirement plan?
A. Go to your human resources department at work or your
retirement plan administrator. They can give you all the
information you need. You can also refer to your benefit
booklet or information given to you when you were hired. Q. What are some of the questions I should ask to adequately
invest in my company Retirement plan? Answers. Will my employer match my contribution? How much will my employer match my contribution? What are my investment options? What will be the cost of my investments over time? Which investments will give me the highest interest over
time? Can I study the investment options on my own time, at home
or online? Does my employer take out Social Security?
Q. I found out that my employer takes out Social Security
every month from my check. Won't Social Security be enough?
A. The Social Security Department has asked employees to
consider Social Security as a supplemental retirement plan
only. They do not feel Social Security will be adequate,
by itself, to meet average cost of living in the future. Social Security: Q. How do I know if I am paying into the Social Security
retirement system? A. Most of us pay into the Social
Security system at one time or another. Social Security
is deducted from your check
under the abbreviation known as "FICA". Self-employed
workers pay Social Security tax when they pay self-employment
taxes. Q. Is there a minimum requirement to qualify for Social
Security retirement? A.Yes, you must work a minimum of 40 quarters (of covered
Social Security employment), to qualify for Social Security
at retirement. For more details on Social Security and retirement,
go to www.ssa.gov. Q. How do I plan for retirement when I am self-employed,
since Social Security is only recommended as a supplemental
retirement plan? A. There are several ways you can fund a retirement account.
The government has allowed for several self-employment accounts.
Some are: SIMPLE-IRA ACCOUNT, SEP-IRA ACCOUNT (SIMPLIFIED
EMPLOYEE PENSION PLAN), KEOUGH ACCOUNT, ROTH-IRA. To Fund
These Accounts, You Can Use: STOCK MUTUAL FUNDS, BOND MUTUAL
FUNDS, OR INDIVIDUAL STOCKS. These are only some of the investment
tools, which are available.
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