5 Retirement Planning Tips

Are you ready to get serious about retirement planning? When you're ready to make plans to protect your financial security, make sure your plans include these top 4 retirement planning tips.

1. Select a Knowledgeable Financial Advisor
It's important to select a knowledgeable financial planner to help you chart your path to financial security during your retirement years. Planning for retirement is too important to try to navigate on your own. Ask your friends, coworkers and family members for recommendations of their trusted financial planners. Interview several professionals until you find someone with whom you feel comfortable. Once you select an advisor, take the time to discuss your retirement goals so he or she will be able to best help you achieve your objectives.

2. Don't Put Off Saving for Retirement
No matter how far in the future retirement may seem, it's a fact that it's never too early to start saving for retirement. If you postpone starting to put money away for retirement, you can find yourself short of cash when retirement starts to approach. You need to give your money time to work for you by using sound retirement investing strategies as early in your career as possible.

3. Consider the Impact of Inflation
The cost of living goes up quite regularly. When you're thinking about how much money you'll need during retirement, be sure to take into consideration the fact that products and services are likely to be quite a bit more expensive in the years after you retire than they are in the present.

4. Be Realistic About Social Security Expectations
No matter how much you may want to think that all you'll need for retirement is social security, this is just not a realistic expectation. While no one knows exactly what will happen with the social security system, you don't want to depend on it as your sole source of retirement income.

5. Plan for a Realistic Lifespan
Today's population has a longer lifespan expectancy that any of the past generations. Of course, none of us knows exactly how long we'll live. However, its certainly important to think about life expectancy when making plans for saving for retirement. Think about how much money you'll need to enjoy a comfortable retirement, however long that may be.



 
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