Health & Fitness
21 Critical Retirement Questions Answered One at a Time by Gene Offredi CFP© RFC
"I haven't done a thing about retirement yet. Where do I start?" Start simple. Following are some quick and easy steps you can take now:
How To Start Your Retirement Planning
Q #9: “I haven’t done a thing about retirement yet. Where do I start?”
Start simple. Here are some quick and easy steps you can take now:
- Develop your retirement strategy and write it down.
(This includes items like deciding how many more years you’ll work; the number of retirement years you’ll plan for; where you will live; the monthly retirement income you desire; and more.) - Calculate your retirement savings needs – and save at a level to achieve those needs.
- Consider retirement benefits as part of your total retirement compensation. If your employer doesn’t offer you a plan, ask for one.
- If your employer does offer a retirement plan, participate and save as much as you can.
- Get more educated about money and retirement investing.
- Understand the threat of inflation and the value of compounding. Determine your investment risk tolerance and plan accordingly. If you invest, know the importance of diversification. Consider seeking professional advice.
- Have a backup plan in the event you are unable to work up to your planned retirement age.
- Learn to understand the effects of tax laws on your finances.
- Realize the difference between tax-free and taxable investments. Know how your retirement income will be taxed and how those taxes will affect your estate plan.
- Talk about retirement with family and close friends.
- An open dialogue with trusted love ones about expectations of either needing to provide or receive financial support should be part of everyone’s retirement strategy.
- Learn from retirees.
- Ask retirees you know what lessons they’ve learned in preparing for and managing their retirement.
Click to download my FREE 44 page workbook. This is a workbook will help you discover and apply your own answers that can lead you on your journey to a more enjoyable and comfortable retirement.
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