Top 3 Retirement Planning Questions
Ever feel like you’re having a retirement planning disconnect? Based on everything you read and hear about retirement planning do you feel so overwhelmed that you’re not sure where to start? Are you willing to do whatever it takes to make your retirement planning pay off? Even ask yourself some difficult questions and make some difficult decisions?
#1 -What Sources Of Money Are Available Right Now?
Where will your retirement money come from? Determine your sources of retirement money. Do you have any pensions, Individual Retirement Accounts, employer retirement plans such as a 401k or 403, annuities or cash value life insurance policies? Don’t forget old jobs that may still be holding a pension or 401k account balance for you.
#2 – How Much Retirement Income?
It will take money to retire; but how much? One of the easier ways to determine how much money you will need to retire is to use a retirement calculator. It is easy to find a free retirement calculator that fits your personal needs. They are not all the same; some ask for more financial details than others, but there are numerous retirement calculators available. This will give you a basic idea on how much money you need to have before you think about retiring.
#3 – Where Can You Cut Back?
If you are willing to do whatever it takes to make your retirement planning pay off, you may need to make some sacrifices today. In order to have enough money to retire some day can you stick to just the essentials today? Are you willing to eat out less, cut back on some entertainment, keep your cars longer, shop your insurance premiums once a year, forgo the long, extravagant vacations for shorter trips? Remember, it’s not what you make but what you keep that counts. Accepting the fact that you may have to cut costs today will make your retirement planning a lot easier.