If you are planning for your future you should have already put some thought into how you will fund your retirement years.

Retirement can seem like a long term goal for those just now entering the workforce, so they may be less likely to set money aside. While Social Security will automatically make withdrawals from pay checks, it won’t provide the level of income you became accustomed to while working.

There are several options you can use to set aside money that will grow and provide you with the standard of living you seek.

If your employer offers a 401K it would be wise to sign up, especially if a match is offered. Contributions are tax free, but be careful about early withdrawals since stiff penalties can be levied.

In instances where a 401K is not an option, there are several companies that offer IRAs. These too offer tax free contributions but also entail taxes on withdrawals. In the same category is the Roth IRA. The difference here is that taxes apply to contributions, but not on the money withdrawn.

If you have planned accordingly you will enter retirement with little to no debt, but taxes and monthly expenses should still be factored in.

In Pearl River County homeowners who have reached retirement age and file for home exemption receive a break on the first $100,000 of the home’s value. Which means if the home is worth less than $100,000, they pay no ad valorem taxes. However utilities such as electricity, water and garbage pick up are never free.

But keep in mind that Mississippi offers a relatively low cost of living, providing the most bang for your retirement buck.

There is also the option of subsidizing retirement income with a part time job. Not only will this provide extra money, it will also keep you active, engaged in the community and provide opportunities to stay social.