The EASY Retirement Planning Guide
So on the con side, a target date fund can take seniors out of stocks and into bonds too soon. If you keep a higher portion of your portfolio in stocks, you have more growth potential, but you also face more risk that your savings will take a nosedive when the market does. How you start decumulating your retirement assets will depend on the investment vehicle you chose.
Planning for retirement involves more than just paperwork and frugality—it also involves some reflection.
- How To Plan If You Don’t Know What Lies Ahead in Your Future.
- Retirement Planning: A Step by Step Guide.
- Retirement Planning | Guides and Tools | Retirement Living;
- In Your Eyes!
- Talkeetna Run (The Jack Frost in Alaska Series Book 1).
- Monkfish Moon.
What are your current expenses and will they increase or decrease in retirement? Do you want a lavish retirement or a modest one? Do you want to quit work cold turkey or transition to a part-time job in retirement? How high is your risk tolerance? Think about your answers to these questions and discuss them with anyone who shares your financial fate, like a partner or dependent. What is an Index Fund? How Does the Stock Market Work? What are Bonds? Investing Advice What is a Fiduciary? What is a CFP? Your Details Done. More from SmartAsset How much do you need to save for retirement?
How will your k impact your retirement? How much will I get at age 70? Can I collect if I'm still working? When should I start collecting? How big will my payouts be? Estate planning Basics Wills Trusts Long-term care insurance. Getting help Where can I get help?
Read PDF The EASY Retirement Planning Guide
Do I need a financial adviser? How can I find an adviser I trust? What credentials should I look for? How do planners charge? What kind of planner should I hire? How much will a planner cost me?
What are the best retirement sites? In fact, if you keep working at them until you retire, there is a good chance that they will be significantly larger by the time you do retire. As for which sources of income you may pursue, there are a lot of ways out there to make money online these days. Some people write fiction or nonfiction books and publish them on Amazon.
It does take several years and perhaps a dozen or more books to get a following — and you have to be a good writer in the first place. You might start some websites and rank them to the top so you can earn advertising money through search engine optimization. Some people even start YouTube accounts and then publish videos of their blogs or top 10 lists or whatever they want to publish and build their list of subscribers until they can monetize their videos and begin making money from them. There are several ways to increase your retirement savings as well.
For one thing, you should put it into an account where it is going to accrue interest. If you have a retirement plan through your workplace and your employer will match you up to a certain amount, then consider paying more in then you currently are. If your employer is going to match your funds, then you should try to pay and is much as possible because you will be doubling your money every time you do.
But the main thing that you can do to increase your retirement income is smart investing. Of course, no investment is perfectly safe, but if you have a wide and varied portfolio and either you or your broker are making really smart investment decisions, then the chances are good that you are going to arrive at retirement age that you are going to have more money than you invested in a significant nest egg for retirement. It all depends on the market of course, as well as which decisions you make along with your broker and how much you invest, but most people find that this is a viable retirement plan.
Read: What is an IRA? Complete Guide to Individual Retirement Accounts. You should always be willing to seek professional help when it comes to your retirement. There are lots of financial advisors out there that will help you to save for retirement and make smart decisions on what to do with the money that you have already saved. You may not be aware of all the options that are out there, so it is definitely recommended that you meet with someone who is an expert in retirement savings at least once.
They may have ideas on financial products that you may not have considered or they might have ideas on how you can increase retirement savings over the long-term. Of course, you want to be selective when it comes to choosing someone to help you manage your money.
The Complete Retirement Planner
There are plenty of unscrupulous people out there who will not increase your retirement savings at all but instead will make poor decisions or give you bad advice because they are only looking to line their own pockets. You want to carefully check everyone out on the Internet beforehand including reading customer reviews and finding out if they have been able to help other people in your situation before and if they are a solid company with a good reputation.
The bottom line is that when it comes to retirement, there are a lot of things to consider. You have to first figure out how long of a period of time your retirement savings needs to last for. You also need to determine how much you are going to spend each month of that retirement savings based upon the type of lifestyle that you want to lead in your retirement.
Most people start thinking about retirement in their 40s or even later.
But you should be thinking about retirement long before that. Starting in your 30s would be better, but even if you are in your 20s right now, thinking about retirement down the road is excellent financial planning. The longer period of time before you actually retire the more you can make things like individual retirement accounts, investment accounts, interest rates on savings accounts and all of the other financial assets that you have with retirement savings work for you.
You might be surprised on what a huge difference just an extra decade can make with your retirement savings. He built Money Check to bring the highest level of education about personal finance to the general public with clear and unbiased reporting.