Successful Retirement Planning
Recent
studies show that up to two thirds of American's aren't saving enough for
retirement, and in fact many people may have to work years beyond the
traditional retirement age in order to make ends meet.
Don't be one of them (unless you really want to work into your later years, which is a topic covered elsewhere on this website). A successful retirement requires careful planning, disciplined saving, and, quite frankly, a little luck.
If you don't have a financial advisor, you should seriously consider getting one. A financial advisor can analyze where you are today, and what steps you need to take to insure that your retirement will look exactly as you envision it. Too many people leave their retirement plans to chance, saving a little here, a little there, and hoping that social security will make up the difference. Again, don't be one of them.
If you're not comfortable with the idea of seeing a professional financial advisor, at least invest in a good software program like Quicken or ---- to help you plot out your retirement goals. These programs are relatively inexpensive, easy to learn, and can graph out in detail how much you'll need to save and invest in order to generate the income you'll need in retirement.
Included in any such planning is an estimate of how much income you'll need after you retire, how much you'll need to save and invest each year in order to achieve that level of income, how much you'll need to invest now if you intend to retire early, how much money you intend to leave your family after you're gone, how much in taxes you can expect to pay once you've retired, and more.
Get your retirement off to a great start
Another important retirement consideration is where you're going to live once you leave the working world behind. Some people intend to stay right where they are once they retire, while others consider the idea of moving to a less expensive part of the country a way to stretch their retirement income. Still others find the idea of moving overseas to a country like Mexico or France an exciting option.
Whatever your retirement goals and objectives, just make sure you consider all the options carefully, and you start planning and putting money aside as soon as you can. People who start saving 10% or more of their income in an IRA or 401k plan in their twenties and thirties, can usually expect to have a very comfortable retirement income once that big day arrives.
And so-called "phased retirements" are becoming more popular these days as
many retirees choose to work at least part time in order to stay busy and
supplement their income. This can be a great option, especially if you can find
work and a situation that you're excited about, and an occupation that you'll
enjoy on a daily basis.
Retirement Planning - Further Reading
Click on the links below to read more about retirement planning
and other topics of interest...
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