Do you have a pension plan? Are you counting on it for your retirement? Well, good luck. The chances are that when it comes due it won't be there. Don't kill the messenger. I'm here to help you and I'm not from the government.

You have read about many companies that are in default on their pension plan payments and many others that are discontinuing contributory plans. In other words you are on your own when it comes to creating a retirement plan. We won't discuss health benefits also being eliminated at this time.

If your employer will not help (I said help and not provide) with your saving for the future what can you do? If you don't have a rich relative you better look in the mirror and see who is going to take care of you when you decide to retire (or be fired). You may not be able to find another job or you might not be in good enough health to work at all. That nest egg better be there.

Many small businesses do not have the capabilities to have even a simple plan because there are restrictions and legal requirements that can be expensive as well as liabilities the company does not wish to take on. Ask the boss if he will implement one, but don't blame him if he refuses. It is ultimately your responsibility to take care of yourself.

If an employer cannot or will not set up a retirement plan for you then it is up to you to do for yourself. You can do this at no charge at almost any brokerage company or bank. All it takes is some of your time. These institutions want your money and will do the paperwork with you. My suggestion is with a large well-known discount broker. A simple IRA can be done very quickly.

You will want what is called a Self Directed IRA. This allows you to invest your funds in almost anything. Stick with safe equities such as money markets, mutual funds and Treasury Bonds, maybe some in each category. Because most people are not familiar with investing do not put money into unknown equities such as Limited Partnerships.

See if you can have your employer make a direct deposit each payday into that account as a deduction from your paycheck. That way you won't spend it before you get there.

Brokers and bankers will want to give you "advice”. Don't listen. Do your own research as to how to make money. The most important thing about the stock market is knowing when to sell NOT when or what to buy. If you don't have an exit strategy then do not invest in the stock market. Stay with nice safe Treasury bonds.

When you do reach retirement the pension plan you set up will then decide your diet of either cat food or filet mignon. That decision is up to you starting right now. you to know.

Copyright 2005