Many people put off retirement savings for far too long and before they know it, it’s too late and they have no nest egg to fall back upon when age 65 hits. For some it’s because they don’t have a retirement plan through their job. For others, they might think they can’t afford the contributions. For still others, there always seems to be plenty of time to start — until there isn’t.

If you want to make sure you’ve got solid savings to live your golden years, there are steps you can take. Read our complete 2017 guide for retirement planning below, including important information, tips, tricks and estate planning knowledge to secure your future.

IRA vs. 401(k) Retirement Planning

IRA stands for “individual retirement account,” and is a savings account into which you can contribute up to $5,500 every year. Employers don’t usually match IRA contributions, but they function as a savings account rather than an investment, which carries risk unto itself.

A 401(k), on the other hand, is the investment package your employer might offer. You can contribute up to $18,000 every year to this package, but since it’s an investment account, you will see your earnings fluctuate from period to period.

The non-profit, tax-exempt version of a 401(k) is a 403(b). If you work for an educational institution, public school or the like you’ll contribute to a 403(b). Functionally it’s practically the same thing. Many employers will match contributions to these retirement investment accounts.

Traditional vs. Roth IRA

If you choose the IRA route, there are two common forms. The first is the traditional IRA, under which you can make tax-free (pre-tax) contributions, but your withdrawals will be taxed when you retire and begin to draw them out. A Roth IRA, on the other hand, does not allow a tax break when you contribute — your contributions are taxed. However, when you retire and draw against it, you will not be taxed.

The two key things to keep in mind about an IRA are that you are limited in how much you can contribute, and if your income level is too high, you may not be eligible to contribute at all.

Which Is Right For Me?

You’ll need to keep a few things in mind when you decide which retirement planning account is right for you. How much can you afford to put in every year? If it’s more than $5,500, you may want to consider a 401(k) plan.

Do you need a tax break up front? Then consider an investment plan or a traditional IRA. Do you not want to worry about taxes after retirement? A Roth IRA might be the way to go. Do you want to be able to draw from the plan early? Different plans have different restrictions on this.

Estate Planning Help and Advice

If you need help with your retirement planning or estate planning issues, the right attorney can be of great help. At Stano Law, we’ve got experience with all manners of senior planning issues, and we may have helpful insight for you. Give us a call today and let’s talk about your retirement planning needs.