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Saving for Your RetirementPosted by: Ken Himmler / Category: Investment Strategies, Retirement Distribution Strategies |
Major considerations
How much will you need in retirement?
When do you plan to retire? What kind of lifestyle do you desire? How much do you have right now that you can count on for your retirement? What about Social Security; do you know what kind of benefits you can expect? These are all factors you will need to consider when you determine how much you need. To understand how they tie together, see Determining Your Retirement Income Needs.
Know how much you have
Take an honest look at your present net worth. If you’re like most people, you’ve got a long way to go before you can afford to retire. Knowing how much you currently have earmarked for retirement will assist you in saving for your retirement. See Net Worth.
Implement a savings plan
Take an honest look at your current spending. Just as in planning for other financial goals, you need to implement a savings plan. Think about establishing a long-term systematic savings plan to put aside funds for retirement. If you haven’t already done so, consider the benefits of establishing and sticking to a spending plan.
