Retirement planning should begin when you are in your 20s, but it seldom does. The age at which you begin to plan will determine how and what you plan. Ideally, you should plan to live out your life to the life expectancy for people your age, but it might be wise to plan to live a longer. It would also be wise to plan for your wife to outlive you. It is a sad commentary on our society that the financial world is full of people selling retirement schemes that are worthless but they promise
Most people who work for a living in a field other than financial planning don’t have any idea about how to prepare financially for retirement. Many have heard stories about the stock market killings others have made. Some have heard about gold being the way to get rich. You have probably worked hard for your money and you should consult with someone who has worked hard to learn how to financially plan for retirement. Your neighbor or your co-worker isn’t that person.
Retirement Planning can provide you with the financial planning experience to maximize your resources and show you how to invest your funds for a comfortable return without having to stay awake all night worrying about retirement. A financial planner will want to know what your plans are for retirement. How much money will you need to live and travel? Most experts say you should have 60 percent of your pre-retirement income available.
However, in the investment climate of today there are fewer options for making money. There are some which are safe and provide growth, but you need an expert in this work to tell you which choices are the safest and the most profitable. Safety is your first concern.
Many investment opportunities are available using the 401Ks and other tax efficient methods. Mutual funds can be a good investment because you are spreading the risk over many equities. Real Estate Investment Trusts are considered by some advisers to be good investments. Others buy property to rent for an income and hopefully equity growth.
However, Retirement Planning would be the place to start your planning. One of the consultants can help you plan to get where you want to go.