Proper Retirement Planning

Retirement Planning- What's Your Goals?

While many people work their life away looking forward to the years of retirement, many people are not close to being prepared.

What are some important questions and goals to consider when thinking about your retirement planning?
1.  At what age do you want to retire?
2.  Where do you want to live?
3.  Do you wish to travel?  If so, where to and what costs does it entail?
4.  What type of lifestyle do you wish to maintain?
5.  What do you want to do?
6.  Does your family have a history of with medical issues that may possibly affect your future health care costs?
7.  How much do I need to save every year and what rate of return do I need to average to accumulate the appropriate amount of money?
8.  What percentage of my income do I want to replace to maintain my preferred lifestyle?

When time comes for you to retire, it's important for each of us to consider the resources that are needed to lead the lifestyle we expect.  The road to retirement is paved with good intentions, but shocking shocking statistics show that in the first quarter of 2011, 15 percent of employees are confident they're prepared for retirement, while 85 percent are vulnerable and not ready. 

Planning Ahead~

Plan to replace 80 percent of your current income for retirement.  If travel and expensive hobbies play into your dream retirement, then plan on 100 percent.  If you're planning on receiving an inheritance or change in lifestyle, then maybe you'll only need to replace 70 percent.

Review your current lifestyle. Too many people underestimate their current  living expenses. Think of everyday being your Saturday.  So if you spend a lot on your day off, then consider your expenses when you need to find things to do.

Go through the budget process an d look at what you're paying for now. Consider what can be eliminated, or cut back on. Often our mentality when we have a job is, "I work hard, so I deserve this." But, all the decisions we decide to do today, have a consequence. Get this! Research has actually shown that once people make an excess of $75,000, they rarely are any happier.  In particular because they have added stress to maintain an income level and as well have added pressure from their occupation.
So determine what you really need. If it's not bringing you value, do away with it.

Set up a robust plan to pay off your mortgage. Or, when the time is right, begin downsizing to reduce housing costs.

Economic Security For The Long Haul~

These days plenty of people are actually very ill prepared for retirement. There are several reasons people could justify why there finances are not situated as they know they well should be.  Nonetheless, there are ways to create a recurring income that can continue to pay you through your retirement years. Or maybe you're one of those who think you're ready to retire but realize you need to find a rewarding venture that occupies your mind and actions, then definitely check out how you can add value to what you do each day while creating a rewarding income that is yours for life.
For more info check out this ~> Online Presentation and then take the next step~ Action.