The concluding part of the article takes a closer look at retirement planning and its different facets.

Worrying about the rising inflation, healthcare costs, and the ever-changing tax laws can be a challenge for the people who are approaching their retirement. A Wealth Management team works with the client to make sure that an individuals' lifestyle is sustained during the twilight years.

Pension schemes are policies that provide benefits to the insured upon retirement. If the insured expires during the term of the policy, his nominee would receive the benefits either as a lump sum or as a pension every month.

These are actually excellent tax deferment plans. In the US context, a 401(k) plan is a retirement savings plan that is funded by employee contribution and is often matched by a contribution from the employer. Contributions to these plans are taken from the pre-tax salary and the funds keep growing and are tax free until withdrawn. Besides, the plans are both self directed and portable.

For-profit and tax-exempt organizations both are allowed to establish these plans for their employees

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