Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

10/31/2006
Should I get a savings plan outside of my own job's plan?
I am in the Thrift Savings Plan and that's the only retirement that I have scheduled for myself. Should I be diversifying and getting something outside of my own job's plan?
Gail V. Marquet:
expert info »
Rule of thumb is that you should be saving 15% of your annual income for retirement. That probably means supplementing on your own with a Roth IRA.
Jeff Kyle:
expert info »
Oh, absolutely! You should have a Money Market savings account with 3-6 months of fixed living expenses in there for emergencies! You should be funding a Roth IRA. You should have a permanent life insurance policy that compounds tax-deferred. You can open an annuity (which picks up where your IRA leaves off). You can also be “diversifying” by purchasing other types of assets such as Real Estate & Businesses. The idea is to create passive income that will be greater that your expenditures.
 

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