That Will Hardley Support A Decent Retirement Lifestyle

Category: Finance.

Retiement Planning- Why and When to Start.

Despite the constant news coverage of impending doom, if not most, many Americans are still depending on their social security payments to support them through their retirement. When researching and discussing retirement planning and options, I get these questions frequently. The sad fact is that it simply isn t possible. Americans are living longer and longer. It is doubtful that Social Security by itself would be enough to get the average American through their twilight years. And, we are leading more active lives.

Gone are the days when retirees sat at home reading newspapers and playing cards every other afternoon. Retiremetn has a new meaning today! Today s retirees are traveling, learning to dance, taking classes, and trying new things that they were not able to experience while setting aside funds for the future and going about the business of raising their own families. This is the number one reason you should begin as early as possible to set aside funds for your retirement but make active plans to invest those funds to maximize the potential of limited funds. Now they are taking the time to do all these great things, butthese great activities and pastimes require funds in order to enjoy. You, can decide on, and only you your desired retiremetn lifestyle.

You also will need to establish a realistic investment strategy that will not leave you feeling strapped for cash month after month. Once you have that well in mind, you should take your plans, and concerns to, goals a financial planner and seek their advice on setting specific goals, better defining your plans, and making the most of your investment means. The important role that a good financial planner and good planning play in our financial futures cannot be overlooked. A good financial advisor will know of funds and strategies that we have never heard of. We need to take advantage of every opportunity to maximize our money. It makes sense to go to an expert when it concerns our family s future.

Just be certain that you hire a" Fee paid" financial planner who derives his or her income from the advice they give you rather than any commissions or fees that are related to your investments. We see experts when it comes to matters of law, and taxes, health- why on earth shouldn t we see an expert for our finances? You want to make sure that you planner is your friend and not trying to live off of investment recommendations that he/ she makes to you. Why is it so important to have a plan? You earned the monay and deserve all of the benefits and earnings from its investment. This is so that you won t end up needing a job in order to put food on your table once you ve reached retirement age. A recent U.

Census Bureau survey reported that nearly 65% of Americans reaching age 62 this year will have less than$ 25, 000 in net assets. The sad truth is that many of our retired citizens are finding themselves strapped for cash financially and barely able to make ends meet. That will hardley support a decent retirement lifestyle. If they are fortunate enough to have homes that are paid for, they often find the property taxes, the higher cost, medical bills of living, etc are putting so much presseure on retirement budgets that manyare having a rough time without some sort of assistance. It is best to begin making these plans as early as possible. All of the unprecedented price increases over the last two decades coupled with our improved longevity give us some very real reasons to make plans for your future retirement. If you begin the process a little later, It is not, however impossible to recover.

The sooner you begin making plans for your financial retirement the healthier your retirement options will be. The problem is that you will need to make some extra investments along the way or build some supplemental retirement income just to make up for lost time. The best way to go about this is to define your retirement goals early on, and then take, make written plans them to a financial advisor and get his or her input. With the advent of the Internet in our society, there are many new opportunities to earn some extra income to accelerate your retirement savings or to supplement your retirement income once you have retired. Investing smarter is much wiser than investing harder. Do not overlook these opportunities as they not only provided some needed income without having to leave you retirement nest, but they also provide some fun, exciting and rewarding activities for your retiremnt years.