|Almost without exception, people don't start
planning for their retirement early enough in their lives. Young
people leaving High School or College and going into their first
paid position find it difficult to look or see ahead to age
sixty or sixty-five. Still, time marches on and retirement does
Unfortunately often, it is well into the fourth decade
of a person's life that the reality hits - retirement is not
only there but it's now visible on the horizon and it's time to
do something about it.
The first mistake that people make is in their prediction of
what they're going to need once they're not working. Inflation
is, of course, unpredictable but high inflation is commonly
accompanied by high yields in the stock market which are fed
through yields from pension funds so those factors tend to
compensate one other.
It's the actual income that's will be needed that is commonly
miscalculated. While it's true that daily living expenses such
as gas for the commute and dry cleaning bills will likely be
reduced, other expenses such as mortgage, taxes and utilities
How can you be sure you will have enough to live comfortably
Start by arranging a meeting with your local credit union.
Financial specialists can help you develop a savings plan that
fits your needs and goals. You will learn about a variety of
products and services that are flexible enough to accommodate
you whether you are beginning your savings plan at 25 or 45.
What will happen at my retirement planning meeting?
Most importantly, your retirement planner will listen to
learn about you and your savings goals. It's a good idea to give
them some though and discuss them with a life partner before the
meeting. Your planner will also ask you many questions to help
clarify your goals and offer the most relevant recommendations.
He or she will likely use a software program to help you
visualize projected outcomes. Ask questions until you completely
understand each plan to make the best choice.
Impending retirement can be worrisome but planning can
alleviate some of that worry. Once you start your retirement
plan be sure to give an annual check up to monitor your progress
and reevaluate your goals. You will likely want to make changes
as you age and in response to current market trends.