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Retirement Planning Articles and Information

Archives for June 2010

How to Meet New People After Retiring

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Are you getting ready to retire? If you are, you are not alone. In fact, there is a good chance that many of your friends are reaching the age of retirement as well. Unfortunately, you may find some of these friendships coming to an end or you may at least see a reduction in frequency. Why? Because many retirees are now choosing to relocate, often to their dream vacation destination.

If you find yourself retired and without many friends, you will want to take action. Retirement is a time in life when you should be enjoying yourself. This includes making and developing new friendships. For tips on how you can do so, please continue reading on.

Your county’s senior center is a great place to start. Most areas in the United States have senior centers for their local seniors. These centers are typically run on a countywide basis, meaning that you may have to travel to the next town over. The good news is the reward that you will receive. At one point, many senior centers were only used to provide health and retirement advice to senior citizens, but now they are also being used for entertainment. Some counties have days filled with onsite activities, that may include cooking classes, group counseling sessions, arts and crafts, and well as bingo games.

In addition to events that are hosted by your local county’s senior citizen program, there should also be other public and privately sponsered events in your area. Attending these events, namely those that are designed for seniors, is a great way to get out and meet new people. Look in your local newspaper or on community message boards for … [Read More]

How to Plan for Your Retirement

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Are you ready to start planning for your retirement? Whether you are 30 years old or 55 years old, there are a number of important steps that you will want to take. For your convenience, a few of those steps are highlighted below.

The first step in planning your retirement is examining your future. There are a number of important questions that you will want to ask yourself. Where do you want to live when you retire? How do you want to live? What do you want to be doing? Knowing your retirement needs and wants is important when looking to create a retirement savings plan. Even if you are only 20 or 30 years old, you can still plan for your retirement. A few small changes to your dream plan won’t be the end of the world. At least you have a starting point to build on.

As previously stated, knowing what you want and need to get out of your retirement is important to creating a savings plan. Why? Because it can help you determine how much money you need to have saved. Having a set goal to reach is one of the best ways to accurate and successfully save and prepare for your retirement.

Next, are you employed? If so, examine your company’s retirement plans, such as their 401(k) programs. How much have you been contributing to your 401(k) account? If nothing, you will want to start. Why? Because it is easy to do so. Inquire to see if you can have your paycheck set up so that a small amount of money will automatically be deposited into your 401(k) account.

As an important note, 401(k) accounts … [Read More]

Professional Retirement Help: Where Can You Turn

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Are you in the process of planning for your retirement? If you are around the age of forty or fifty, you may be concerned with the planning process. Are you on track to retire comfortable? Do you need to save more money? How can you save that money? If these are questions that you have asked yourself, you may want to consider seeking professional help.

As nice as it is to hear that you can seek professional retirement help, you may be curious as to how you should get that help. Better yet, you may be wondering why you should pay for it. Yes, you likely have a large number of friends and family members who are tossing retirement suggestions your way, but are they really qualified to give that advice? If not, you may be putting your retirement years and your finances at risk. As for how you can seek retirement help from a professional, you do have multiple options.

A Certified Public Accountant (CPA) is a great way to seek affordable, yet professional advice on your retirement. If you have used an accountant before, you may want to return to the same individual or company. To improve the accuracy of the information given to you, choose to meet with a CPA, as opposed to an accountant who working on the side or uncertified.

When seeking professional advice through the use of an accountant, there is a lot of work that you will have to do yourself. Typically, accountants just help you get your finances in order. They help you determine how much money you have now, as well as share tips with you on how you can save … [Read More]

Retirement Planning Mistakes You Need to Avoid Making

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Are you ready to start planning and preparing for your retirement? If so, congratulations you are making a step in the right direction. The earlier you start planning for your retirement, the better off you will be when the time comes.

The decision to start planning and preparing for retirement is a wise decision. As previously stated, the earlier you start, the better. With that said, the earlier you start planning for retirement the more mistakes you are likely to make. These mistakes, a few of which are outlined below, can cause financial problems and more when you are ready to retire.

Not creating a budget for yourself and not tracking your spending are two mistakes that you will want to avoid making. This often leads to you spending more money than you have. You should be saving for retirement, especially at around the age of forty, not getting into debt. For that reason, never spend money that you don’t have and never spend all of your money. It is best, but a must when you reach the age of forty, to start paying for all of your purchases with cash, checks, or debit cards. Before doing so, however, make sure that you have enough money to spend and keeping on saving for retirement.

Another common mistake that people make, when creating a retirement plan, involves not taking health into consideration. Health and the impact it can have on your retirement can work two different ways. For starters, what if you get sick? Can you afford the cost of emergency surgery or long-term medical care? Even if you are healthy now, remember that your health can always take a turn … [Read More]

5 Reasons You Should Meet a Financial Advisor

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Are you planning and preparing for your retirement? If you are, you may have some questions. After all, soon-to-be retirees want and should have all of their bases covered. Of course, you can find retirement advice online or seek answers from those you know. There are, however, a number of benefits to meeting with a professional financial advisor. In fact, five reasons why are outlined below.

1 – Knowledge and Expertise

While anyone can claim to be a financial advisor, a small amount of research or recommendations from those that you know can help you ensure that you are dealing with a true professional. When doing so, you should receive valuable information. Most financial advisors are trained and experienced in the world of finance, as well as retirement. Generally, you should feel comfortable and trust the advice given to you by a financial advisor.

2 – Realistic Goals

Another benefit to meeting with a financial advisor is that he or see can make sure that your feet are on the ground. Unfortunately, many men and women get carried away with their retirement goals. If you want to start a business, you may be able to so. If you want to spend your days vacationing, you should also be able to do so. But, only if you have enough money saved. A financial advisor can let you know if it is even possible for you to meet your retirement goals in the remaining time that you have left to save.

3 – A Good Value for the Money

Yes, scheduling a meeting with a financial advisor will cost you money. Unfortunately, this is a problem for many. After all, to save … [Read More]

How to Save for Retirement on a Limited Budget

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Are you living day-to-day or from paycheck-to-paycheck? If you are, you are not alone. Many Americans are now finding themselves in a financial crunch. At that same time, financial advisors are still encouraging Americans to save for retirement. This is where you may feel hopeless. There is, however, good news. That good news is that there are still ways that you can save for retirement, even when experiencing financial problems right now.

The first step you should take depends on your age. If you are between the ages of forty and fifty, you will want to closely examine your retirement goals. This includes both your wants and your needs. How much money do you need to retire? To determine an amount, look at your living situation. How much will it cost you to survive with the basic necessities, including food, shelter, health insurance, and transportation? Next, examine your retirement goals or wants. Do you want to start your own business? Do you want to travel? Is there are hobby you want to take up? Examine the costs of those activities.

If you are between the ages of twenty and thirty, your retirement goals are still important. Of course, you will want to sit down and determine how much money you need to retire, but this can also wait a few years. If you are on a tight budget, it may first be a good idea to examine ways that you can save money for retirement. As an important reminder, there will need to be a point in time when you will examine your retirement years and what you want to get out them.

As for how you can start saving … [Read More]

Tips for Choosing a Retirement Community

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Are you preparing for your retirement? Once you have determined that your finances are in good standing, you may be concerned with your living arrangements. Despite the fact that many retirees choose to stay right where they are, many more opt for retirement home communities. If you are interested in doing so, you will want to choose your retirement community wisely.

The first step in choosing a retirement community involves familiarizing yourself with all of your options. Did you know that you have multiple choices? You do. Retirement communities come in a number of different formats.

Independent retirement communities and facilities are the most popular choice among retirees who are in good health. These are establishments where you are essentially on your own. It is like you are just renting an apartment. Often times, the only onsite staff members are office workers, maintenance workers, and security personnel. Many independent retirement communities are designed to provide you with ease of living. This includes making onsite activities, like exercise classes and arts and crafts, available.

Assisted living communities and facilities are ideal for retirees whose health is just starting to worsen. If you need help on occasion, an assisted living retirement community may be perfect for you. The assistance provided does vary, but you can get help with going for a walk outdoors, cooking, preparing for your day, or taking your medication.

Nursing homes and facilities are another retirement option for those poor in health. Nursing homes are essentially hospitals with a more laidback environment. They are designed for individuals who cannot care for themselves. If you are researching nursing homes, you are likely a family member of the retiree, not him … [Read More]

Forced Into Retirement? What You Should Do

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Did you love your job? If so, you may have been happy with your life. That is until your supervisors explained that your company was cutting costs. Due to those cost cutting measures, you are being forced into early retirement. If you are like many other individuals in your shoes, panic may be the first feeling that sets it. Yes, being forced into early retirement may seem like “the end of the world,” but it doesn’t have to be.

When being forced into early retirement, you will be required to sign a number of important documents. Never agree to retirement without first learning about your company’s rules, restrictions, and attached strings. Will you receive a severance package? Does that severance package eliminate your pension or eliminate you from receiving any other important employee benefits? If so, talk to a financial advisor right away, particularly before you sign anything. Determine what your best course of action is. Is it better to take the severance pay or receive all of your benefits?

Speaking of talking to a financial advisor, you should take this step anyways. Early retirement can throw a wrench into your plans. You may need professional assistance to get those plans fixed and back on track. A financial advisor can examine your retirement wants and needs, determining an estimated figure that you need to comfortably retire. Next, a financial advisor can help you come up with a plan of action to get those needed funds.

In the event that you opt for a severance package, do not spend that money right away. Unfortunately, many forced into retirement make this mistake. If you are living day-to-day, use your money to pay … [Read More]

Retirement Checklist: Are You Prepared?

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Are you looking to retire within the next two to three years? If so, it is imperative that you are prepared to make the leap. Retirement can be a fun and exciting time in your life, but only if you are fully prepared for it. To make sure that you are, please continue reading on.

Before retiring from your job, make sure that you and your spouse are properly covered by health insurance. Not taking this step can be costly and it can have a negative impact on your retirement savings.

Most senior citizens are able to qualify for Medicare. Do you? If so, complete your paperwork and signup right away. You do not want to create any lapses in coverage. If you do not qualify for Medicare yet, be sure to examine other avenues of coverage. Can you purchase affordable health insurance or can you extend your current health insurance plan with COBRA?

Before retiring from your job, make sure that both you and your spouse are covered with the right amount of life insurance. Do you have a private life insurance policy? If not, now is the time to get one. Some employers terminate an employee’s life insurance policy if it was provided and paid for by the company. As your age increases, life insurance is a must, so make sure that you are covered.

If you have been contributing to your company’s 401(k) plan and an IRA, you need to decide when to start withdrawing this money, as well as how you want to do so. Do you want to receive one large, lump sum payment? If you are unsure, it may be best to first consult … [Read More]

Saving for Retirement: Why Flexibility is Important

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Are you ready to start preparing for your future, in terms of retirement? If you are, you should get planning right away. In fact, the sooner you start planning for your retirement, the better off you are likely to be. That is why most men and women are encouraged to start saving for their retirement years when they are in their early twenties or thirties.

When saving for retirement, you will want to create a detailed, yet realistic goal. After all, you need to know how much money you should save. Even if you are young, like in your twenties or early thirties, outlining your retirement goals and aspirations are important, despite the fact that they may later change.

To determine how much money you should save for retirement, there are a number of important questions that you first need to ask yourself. Where do you want to live? Do you need to relocate to get to that destination? What type of home or living arrangement do you see yourself as having? What hobbies or activities would you like to take up? Do you want to start a small business in retirement? If so, start estimating the cost of these. When doing so, also take into account the standard cost of living, such as the basic needs of shelter, food, and transportation. Inflation should be accounted for as well.

Once you have completed the above mentioned step of determining how much you need to save for retirement, you will want to expand that amount. You should always save more money than you need. Why? Because there are no guarantees with retirement or an age increase. Your retirement spending plan should … [Read More]