section 1 - The American College Online Learning Center

(4) The AARP website has a national employer team that lists companiesthat have specific opportunities for older workers. They not only list thecompanies, but provide links and information about them.f. When someone loses their job, he or she can have a hard time framing skills astransferable.6. Conclusions(1) An outplacement service can help identify those skills and how that cantranslate to other employment.(2) For a client without access to an outplacement service, look for resourcesin the community.(3) Thetransitionnetwork.org is a nationwide women’s network to help thinkabout how to deal with issues facing them at that stage.(4) It is important not to wait until unemployment to think about stayingemployable.a. Deferring retirement is one of the most effective strategies for improving theretirement income plan for an older worker.b. Part-time work can improve the plan as well.c. Make sure that clients are able to work.(1) Maintain job skills and professional network.(2) Maintain healthy lifestyles and develop strategies for reducing stress.(3) Avoid burnout — take time off, extended vacations and other strategiesto make continued employment more palatable.SECTION 3: SAVING MORE WITH TAX-ADVANTAGED PLANSLO 3-3-1: Identify options for saving on a tax-advantaged basis1. Key Conceptsa. Extend the client’s retirement assets by maximizing tax-deductible and tax-exempt(Roth) contributionsb. Maximizing contributions should be part of the annual planning process.c. Consider all types of savings options:(1) Employer plans(2) IRAs and Roth IRAs(3) Plans for self-employment income2. Ways that individuals can access tax-advantaged plansa. Before-tax (or tax-deductible) contributions(1) If eligible, planners recommend that clients make deductible contributionsto an IRA.(2) Clients should also consider contributing salary deferrals toemployer-sponsored 401(k) plans, 403(b) plans, SIMPLE plans(3) Self-employed persons can establish their own employer sponsoredretirement plan.b. Tax-exempt “Roth” contributions3.7