Retirement Planning For The 21st Century
When you reach retirement age, you’ll probably have income from social security and maybe a pension but you have to ask yourself if that’ll be enough? Will you have to supplement your retirement income? Will you continue to live in your present home or will you move? Do you want to travel? These and many more questions will need to be answered in preparation for your retirement years.
Retirement planning should begin as soon as you start your first job but most of us are too busy raising a family to think about something that far away. Besides, we’ve got lots of time.
It’s hard to think about retirement when you’re wondering where to find the best day care for your baby. But this is the best time to look at your pension plan or 401(K) at work and contribute as much as you are allowed or can provide to every pay period.
What is retirement planning? It’s the effort you take to make sure you have enough money to live comfortably after you quit working and want to take it easy. There’s nothing complicated about it, but it can be extremely hard to get a reasonable retirement plan produced and started.
As soon as you can, you should start investing a percentage of your pay for your retirement. These investments can be pretax dollars or after tax dollars. Use a mix of IRAs, mutual funds, stocks, bonds, money market, or other investment vehicles your financial adviser might suggest. The secret and goal is to make a habit of investing regularly and resist any temptation to use the money for anything other than retirement.
If you’re older and just beginning to think about your retirement, there may be some ways you can make up for lost time. Starting at a younger age gives you more time to build up money but with good investment strategies, you can sometimes manage to make enough for a comfortable retirement.
Most people can create a good retirement plan, but some might need to find a reputable financial adviser to discuss retirement needs, make a plan and stick to your plan.
The new retirement strategy in the 21st century is to work as long as you can. Seventy might be the new sixty-five. Almost every survey conducted since the great crash of 2008 indicates that more people are considering working longer or after retiring. Odds are, you might want or need to work well into your retirement years.
Retirement income will probably dictate where you live, whether or not you can live your retirement dreams and whether or not you have to continue working. More and more men and women are starting second careers after retiring from one job. This takes retirement planning to a whole new level.