Planning For Retirement – The smartest thing you can ever do with your retirement is to pay yourself first before your bills, and that takes planning. You should always be saving money, even if you have to cut back on expenses. It’s a big decision and no one else is going to do it for you.
Many people tend to put off making smart choices about their retirement; it just never seems like it should be a priority to them.
However, planning for retirement early should be a priority. It is important to decide where you want to be living and how you want to be spending; then you can calculate just how much money you need to be putting away.
It is always best to save for the possibility that you will be living longer than you expect. This will most likely mean you should expect to be on a fixed income for up to as many as 30 years.
Getting a certified financial planner is the best way to go about setting these numbers up, or you can use Intuit’s Quicken software on your computer. Don’t forget to include your Social Security benefits to help you decide the amount of money you should invest regularly towards your retirement.
Be sure to distribute money regularly to your employer’s 401(k) plan or your SEP-IRA. If you qualify, you should take into account a traditional IRA or Roth IRA.
It is important to pay off any major debts such as home mortgages, auto loans, and college loans as fast as possible in order to have significant cash-flow.