How do caregivers and the veterans for whom they care plan for retirement?
To obtain financial security during retirement, start planning now. The most powerful factor is time. Starting to invest now for retirement offers two essential tools for accumulating the most assets possible: compound interest and long-term growth potential.
Why start now?
If you are a caregiver, you will not be able to use the caregiver stipend as earned income for the purposes of contributing to traditional types of retirement accounts, unless in addition to being a caregiver, you currently are employed or were employed at some time during the year. If this is the case, you might have access to an employer’s retirement plan and/or be eligible to contribute to an Individual Retirement Account (IRA). If you do not have earned income, consider saving in a deferred annuity and or a taxable account.
What is earned income?
According to the IRS, earned income includes all the taxable income and wages you get from working or from certain disability payments. For more information, visit the IRS website.
Why would I consider obtaining professional assistance in planning for retirement?
You might want to consider working with a Certified Financial Planner (CFP®) if:
How do I select the right financial planner?
Certified Financial Planner Board of Standards, Inc., owns the certification marks CFP® and Certified Financial Planner in the U.S., which it awards to individuals who successfully complete CFP board’s initial and ongoing certification requirements.