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Let’s talk about that dirty “R” word – R E T I R E M E N T
| Guest post by: Catherine Avery |
Article Overview: Practical financial advice for your retirement - no matter what your age.
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Free Download - FINANCIAL CHECKLIST FOR 2011 By Catherine Avery |
Let’s talk about that dirty “R” word – R E T I R E M E N T
20-40 year olds
You’re young
and free and you want to spend money and have fun! Who wants to think about retirement in their 20s? Well, YOU
do actually.
There’s nothing wrong with having fun BUT, while it may seem
light years away, your retirement days will in fact be here before
you know it. And you do NOT want to be caught with
your proverbial pants down. So
think ahead. Maybe you can SAVE some
of that money you’re spending so freely on drinks and dinners out!
And when you do start saving, remember, this is NOT the time
to be conservative. In
fact, when you’re young, you need to sock away as much of your income as you
possibly can. Be aggressive and put away the maximum
amount.
If you’re self-employed, set up an IRA or SEP account. If you work for a big firm, put the
maximum allowed into a 401 (K).
Get advice on how to set up all these different kinds of investments.
50’s and 60’s
If ever there
was a time to take stock of your situation, the time is NOW!
At this (late) stage of the game it’s all about rebalancing, asking
pertinent questions and playing catch up. (Especially if you didn’t follow our
advice in your 20s J)
In your 50s and 60s you’re going to have to be hands on when
it comes to rebalancing your portfolio, because you have a shorter time
horizon.
The first step is to
start thinking about when you actually want to retire. This will make a big difference in the
pace you set for investing and saving i.e. if it’s 70 you can be more
aggressive than if your retirement goal is 62. Ideally you want to give yourself a 15-20 year cushion of
time.
Make it a priority to take a look at what you have in your
retirement plan every year. And go
back and revisit it regularly to make sure it makes sense. Capture the highs
and put it into things that haven’t appreciated.
Next, take stock of what
you currently own and ask yourself some hard hitting questions.
If you have three houses, do you really need them all? Do you still want to take 3 or 4
vacations a year, or cut back and start saving some of that money? Is long-term care going to be an
option for you or your partner?
Start putting your retirement budget together now, so that you can
clearly see what kinds of funds you are going to need, versus what you are
currently projected to have, when you retire. And remember to review your Social Security benefits
and any pension plans you might qualify for.
Your 50s and 60s are the time to nail down the organization
process that will lead to a happy, healthy retirement.
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Referred by: http://elliacommunications.com
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About the Author: Catherine Avery RSS for Catherine's articles - Visit Catherine's website Click here to visit Catherine's website   FINANCES BLENDED FAMILIES Calling All Baby Boomers New Report Provides Guide to Investing in Volatile Markets What We Want to Know is How is the Job Market A Tale of Two Guys Do You Park and Pray |
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