Very few people in their early careers consider hiring a retirement planner It just seems too far away to have to worry about. If you can establish a habit of saving for and planning for your retirement years, you will be much better off financially and have peace of mind for the future.
Take a look at your grandparents lives. Did they save enough for retirement or are they struggling? Many in the greatest generation learned to save during the depression and many Baby Boomers did also and made wise investments. But there are still those who did not plan well or spent their money unwisely or just figured they would get around to it eventually. Don’t leave this to chance. There are many reputable companies and people who can help you make the right decisions.
Setting Goals for Your Future
When you first start working the excitement of having your job and earning money can overshadow the need for future planning. But this is the perfect time to start saving. Establish good habits such as putting a percentage of your salary and raises into your retirement allotment Practice good money management and budgeting. It is nice to have all the latest toys and gadgets, but critical to saving for your retirement.
Your goals may change in the future. If you get married and want a family you will need to prepare for that and may wish to provide money for college tuition in addition to your retirement. A good planner can help you save and invest properly to achieve those goals.
Investments and Wealth Management
As your savings grow your financial advisor can help you decide how to invest your money in helping it grow and remain stable. Many people like to dabble in this on their own, but some wise professional advice can provide smart strategies and decisions in a changing market. US Bank offers a Retirement Planning Guide with information and ideas to help you make the most of your plan.
Many people considered buying a home would be their retirement nest egg. In a fluctuating economy, that may or may not be an advantage. Some have turned to reverse mortgages to supplement their retirement income. It depends on what you want to do and how much you need to pay the bills each month. Asset management is a key factor in managing your future. Mitchell Tuchman at Forbes offers advice.
As years go by, your ideas about what you want to do in retirement may change. Do you plan to take another job to supplement your income? Will you have an adequate pension to do the things you want to do? Do you plan to leave an inheritance to your family? These are all issues you will want to consider and address. Investopedia has an article that addresses many of these subjects in a common sense approach with recommendations and ideas to consider.
Living Your Dream Retirement
Can you travel, volunteer, make charitable donations and help your family if needed and still have plenty of money? You still need to manage and budget to make sure you can take care of yourself, meet monthly expenses and take care of any health or medical costs. Your grandparents probably did not expect expenses to increase to the levels they are today. An average new car today costs more than a luxury home did then. Keeping up with the projected increases can be challenging. A Charles Schwab article “Retirement Spending: How Much Can You Afford?” addresses this issue with current statistics and advice.
This overview is provided to give you an insight into planning for retirement. Different resources are provided to give you a range of viewpoints and ideas. There are many sources and companies that provide advice on strategies and methods to plan for your golden years. Start making a difference today in your own future. Do your research, talk to friends and family and put a plan in place now and keep building on it. The years will pass quicker than you imagine. We want you to be prepared.
One of the most comprehensive and informative sources is the US Bank Retirement Planning Guide which addresses many issues, suggestions, and ideas.