Retirement planning should be an important consideration for everyone, whether they are years away from their retirement and especially if retirement is just around the corner.
If financial topics make you feel uneasy, you still should put them on top of your learning list. Here are some easy to understand tips, regarding retirement especially for the baby boomers.
Tip #1
You should start by taking note of your current expenses, and think whether after your retirement you will want to live like you always have. If you think of retirement as travel, an expensive car and lots of days outdoors, you have to consider the expense that comes with this lifestyle. A retirement calculator is the perfect tool to help you assess this.
Tip #2
Make sure you know what benefits you will get from Social Security. This would normally sum up to be around 40% of your income before retirement. You should be receiving three statements yearly, which include a summary of the benefits you should expect when you retire.
Tip #3
Gather as much information as you can about employee benefits. Remember that information is power, and this will determine your future.
Tip #4
You should make it a point to invest in a 401k plan. This is an account that will save you lots of tax money, and which will also attract a contribution for your retirement from your employer.
Tip #5
If you do contribute funds into a plan, then no matter how bad your financial situation gets, do not make any withdrawals. This will result in you falling short, and not having the estimated sum of money when you retire.
Reference: http://freeretirementplanningadvice.com/home-and-family/5-baby-boomer-retirement-tips/
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