While your retirement date may still be several years off, and the goals you set today may seem further off, it is never too early to begin preparation. A look at factors that affect the future of all retirees can help you focus on the importance of preparing for the future now. Think about the following:
Inflation, whether high or low, affects investment dollars steadily, year-by-year reducing their "real" value and thereby reducing the purchasing power you will have to make your retirement more comfortable and less stressful.
Investment choices are plentiful: it takes time to study all the options and decide which are best for you.
Escalating medical costs affect both young and old, but can be devastating to retirees on a fixed income
Increased longevity is providing retirees with more "golden years" to enjoy-and to plan for.
A Checklist for Retirement Planning
How much will you need to reach your retirement goals? This simple review will help you evaluate your retirement planning process thus far, or will set you on the right course if you are just beginning. The checklist may also be used for an annual examination of your retirement planning program.
- Analyze your present situation, including income, expenses, assets and liabilities
- Find out how much you can expect to receive from SVB and pension plans.
- Estimate how much you should receive from interest earned on savings, investments and life insurance, as well as any real estate income
- Review your Life and Health Insurances policies to see if they meet your present and future needs.
- Try to pay off significantly large bills now, to avoid facing them when you retire.
- Determine which of your expenses are likely to decrease after you retire and which are likely to increase.
- Set monthly and annual financial retirement goals.
Is never too early to start planning for your retirement!
If you need further information please contact me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it and I will be happy to help you plan your future financial goals.
