4 Top Tips for Retirement Planning

Trying to make important decisions about your retirement plan? Follow these four top retirement planning tips and you'll be on your way to laying the groundwork for a successful future.

1. Consider Life Expectancy
While there are no guarantees, it's a fact that people are living longer today than ever before. When planning for retirement, it's important to make sound decisions that will allow you to have enough money following retirement to enjoy a comfortable lifestyle for the rest of your life - no matter how long that may be. The last thing you want to deal with is finding yourself forced to re-enter the job market during your golden years just to make ends meet.

2. Plan for Cost of Living Increases
Inflation is likely to continue long after you choose to quit working and enjoy a retirement lifestyle. Even when you aren't dealing with the expenses related to raising a family and commuting back and forth to work, you'll still need food, lodging, fuel, healthcare, etc. Don't base your savings strategy on how much money you'll need in the future using today's prices. Consider rising costs when making plans for the future.

3. Don't Rely on Social Security
It's not likely that you'll be able to depend on social security or pension plan to fully fund your retirement years. Many experts predict major changes in the social security system over the coming years. The length of time between now and when you want or need to retire might have a major impact on how much money you can expect to see in the form of social security benefits.

4. Start Saving Today
There is no benefit to putting off saving for retirement. The longer you wait to start saving, the less likely it is that you'll be able to quit working when you're ready to do so. Retirement planning requires smart long-term investment strategies. Postponing retirement planning by even a few years can have a devastating impact on your long rage financial goals.

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