It is a common perception that people, especially men, do not like to stop and ask for directions if they are lost. Thank goodness GPS technology has made asking for directions less necessary, allowing people, especially men, to save face all over the world. However, there is still one destination that GPS devices can’t help with – retirement!
No matter which gender you are or your age, now is the time to stop and ask for retirement directions. Don’t feel ashamed or embarrassed. If you need help, don’t wait because every second you waste was a missed opportunity to grow your retirement nest egg even larger.
Do You Need Retirement Directions?
Essentially, retirement directions are the steps you are going to take to make sure you have enough money to live comfortably after you retire from the workforce. However, this does not mean enough money to live comfortably for a few years after you retire. This means living comfortably for the rest of your life. Since you don’t know when you are going to die, your retirement plans must prepare you for any contingency.
For instance, most professional retirement planners will need to take many factors into account when helping clients determine how much money they are going to need after they retire. These factors include:
- Life expectancy
- Current age
- Desired age of retirement
- Current income
- Annual raise percentage
- Desired retirement income
- Amount already saved
As you can imagine, these variables differ for everyone. This is why it is so important for you to establish your goals and create a plan that you will be able to follow without much trouble. Certainly, life will throw you curve balls and you will have to adjust your plan from time to time, but without a plan, you are probably not going to save enough for your retirement.
The Internet can be a big help to determine your best retirement strategy. You can visit an online retirement calculator that can give you an idea of where you are in terms of your ultimate financial goals. You can start saving for retirement no matter how old you are, but if you are starting late in life, you will have to find ways to catch up.
Get Professional Help:
If you’re struggling to understand all your options like your IRA, 401k, annuities, and other savings vehicles, then do the right thing and ask for help. Unless you are experienced in planning for retirement, there is a good chance you will get lost. There are many nuances to financial planning that you could miss a rule here and there that may make a huge difference in your retirement income.
Professional financial planners already know all the pitfalls and secrets to saving for retirement and they are more than willing to pass them on to you. They can help you with things like:
- How much money you’ll need when you retire
- How to stretch your money so you don’t run out during retirement
- What to invest in right now so that you’ll hit those goals
- How a 401k and Roth IRA can be a great tax advantage
- What to do if you’re falling behind
Most people have the retirement goal of living as comfortably as they do now. That is certainly a good goal to have, and one that a professional retirement planner can help you achieve. However, why settle for the minimum necessary to maintain your current lifestyle? Why not use the knowledge of an experienced financial planner to help you create retirement directions that will not only sustain your standard of living but increase it as well.
Have you ever dreamed of traveling after you leave the workforce? If you only have the funds you currently have, you may be able to travel a little bit, but it won’t be extensive. Your retirement planner can teach you how to increase your retirement funds so that your life will be even better in your golden years than it is now. After all, that’s what you’re working for, isn’t it?
Don’t Put Financial Planning Off:
You are not getting any younger. You probably don’t want to hear that, but it’s the truth. Every minute you put off making your retirement directions is another minute you aren’t saving for your future. You cannot afford to take it one day at a time, especially in today’s economy. It can be easy to think that retirement is so far off in the future that you will always have time to save for your post-workforce days. However, time goes so fast. Your retirement will be here before you know it.
There are many positive aspects to thinking about retirement even when you’re still young, but one of the best is that you will realize that retirement isn’t the end of your road. In fact, if you stop and ask for retirement directions, it may be only the beginning.
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