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Retirement is supposed to be a golden time in your life... a time when you can stop working and do the things that you've always wanted to do but have never had the time. Unfortunately, doing the things that you've always wanted to do takes money.

In many cases, individuals who haven't made plans for their retirement end up having to live off of government funds that are very limited; instead of simply accepting this as inevitable, though, you can take the initiative now and begin saving for your golden years so that you'll be able to do as you wish.

Below are several ideas to get you started on the road to retirement savings, so that the best years of your life can really be the best years of your life.

Common Savings

One of the easiest ways to start saving money for your retirement is to make use of common savings accounts. The accounts pay interest on the balance contained within, and as you add money to the account over the years the amount of interest paid will continue to increase. Some banks even offer specialized savings accounts to assist with retirement planning, which pay higher interest rates so long as certain deposit conditions are met.

Certificates of Deposit

Another way to put aside money for your retirement is to purchase certificates of deposit. These certificates pay interest over time until the certificate matures, at which time the entire amount built up within the certificate can be collected. Some certificates of deposit have a very short term, but others can last for years... these should be utilized as part of your retirement plans because relatively small investments can yield large returns when left to collect interest for several years.

Investment Plans

A variety of investment plans, both private and employer-sponsored, can be a great way to help put money aside for your retirement. Common investment plans such as 401(k) plans and IRA's can be used to invest money in the stock market for collection upon retirement... though the stocks chosen for investment should be carefully considered so as to avoid losing money in the process. Some companies offer investment plans and stock options where the investments are chosen by the employee themself, though others require that the money for the plan is invested in stocks chosen by the company.

Pension Plans

Though they are becoming less common in favor of investment plans, pension plans are another way that money can be set aside for retirement. With a pension plan the employee pays into the plan over the course of their employment, during which time the employer pays an additional amount (usually matching) into the plan. The money may be placed in a savings-type account, or held in escrow or as part of a money market account. Upon retirement, the employee is paid their pension either as a lump sum or as regular payments for years after they have retired from the company.

Other Options

A variety of other savings and investment options exist, all of which should be explored and considered in order to help you to find the best option that meets your retirement funding needs. By taking the time to explore your retirement savings options, you can stay a step ahead and make sure that when the time comes for you to retire you're not empty handed and relying on loved ones or the government just to get by.

Paul Rogers writes general finance and loan articles for the Loans UK Online website at http://www.loansukonline.co.uk

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