| |
Help Me to Retire:
Money Matters
HELP me to RETIRE! It all sounds so good, do what you want to do all day, but with less income... Hmmmm, how does THAT work? We all need help to retire, especially in the financial area. That's why so many folks have retirement planners... they are obviously educated and understand economics and retirement investment planning to guide you to a sound financial retirement. Many people don't have common sense about money. When you are working, you always know there is another check around the corner, but when you retire -- income could be limited. Usually income IS limited, what you have at the time you retire - is what you have for the rest of your life. You simply must think about your retirement planning. Even if you were smart, and had a retirement planner to help you to retire, 2008 hits like a financial tornado and all the knowledge you think you had (or your financial planner thought he/she had) seems lost. Simple 401K's, IRA plans, money markets, bond funds, home values - down, down, down! Many folks who were considering retirement will remain working longer. Many who have already retired, might consider returning to work. We need help to retire correctly... but who really has the ability to see our financial future? Do the stock markets really follow history this time? I'm not sure... it's a frightening time we live through today. One quick comment here -- I deal with disabilities every day at work. Folks who become disabled for a variety of reasons (heart problems, rheumatoid arthritis, back injuries, etc.) at age 30, 40, 50... None of them ever considered that they may not be working a month from now. My point is:
Never assume you'll retire at 60 -- many don't. You don't know what you don't know -- wow, that's profound -- and this is particularly true with financial issues.I personally think people are just too busy with life -- and don't really stop to think about where their finances are headed or what their savings mean. If you have retirement investments, you should monitor them.. many don't. Believe it or not, many invest but don't even take the time to watch their monies, thinking they don't understand it anyways! We are busy living life - who has time to think or plan about saving for retirement (that's years from now anyways, right?) Maybe.. Maybe not! Most just don't know if they have the retirement savings to make it in retirement or not... and truly, how do we EVER know? Much of that depends on how you spend in retirement or how your investments work out...right? Most of us will likely never know, until many many years from now, if we had enough -- depends on where life takes you, just be prepared... Pastor Jeff from Heritage Church in Shelby Township, MI (my pastor) asked us recently: "When is enough enough? When are you rich?" and he told us about this Wealth Calculator online. At $37,000/year income, you are in the top 4% of the world! At $50,000/year, you are in the top 1% worldwide.... is that amazing or what? We are so blessed...
I have learned to be content
whatever the circumstances.
Philippians 4:11  |  | | Help Me to Retire but when? What age? Are you going to remain employed longer to secure your future? Work to 60? Age 62? Age 65+ (so that you can save your Social Security payments and have a double income)? What is the average retirement age? Do you want to take an early retirement?One more thing -- I deal with disabilities at work. Folks who become disabled for a variety of reasons at age 30, 40, 50... None of them ever considered that they may not be working a month from now.. suddenly into a Disability Retirement. They planned a long term employment but that didn't work out for them. Never assume you'll retire at 60 -- many don't. This situation is exactly what long term disability insurance is for. Help Me to Retire by Understanding Pension Plans Do you have a pension? Do you understand the difference between a Defined Benefit pension plan and a Defined Contribution pension plan? 401k plans are one type of a Defined Contribution plan. Evaluate yours here. You need to really understand your employers retirement options. When your employer explains your options to you, it's best to have a basic understanding so you can ask questions. Most retirement options are irrevocable. Help Me to Retire with Social Security Do you know when Social Security payments start? Do you understand much about Social Security? Have you reviewed your Social Security statement that is mailed to you annually?Help Me to Retire by Estimating Expenses for Retirement OK, you know your retirement income, but what are your retirement expenses? What do I need to retire? Try a retirement budget using personal finance software so you have a clue where you are headed.Help Me to Retire with Retirement Savings Now, why do you need to save for retirement? Have you thought about how much you need to save for retirement? I have some ideas on increasing retirement savings here!Help Me to Retire with Retirement Income Are you going to remain employed? - part time? full time? Do you need a supplemental income? Would you consider a website (I love mine and can't help but show others how to do this too!) Retire to the Internet! Do you have IRA plans or other Retirement Investments? How will you take withdrawals? Will you work or volunteer in retirement? Ever considered Phased Retirement? Taxes in Retirement OK, you've got the income figured out, now what happens with your taxes in retirement? Here is help with State Income Taxes. Help Me to Retire - Is Divorce a possibility? Is divorce a possibility before or during your retirement years?Help Me to Retire with a Free Credit Report Have you watched your free credit report to assure your financial identity is A-0K? and that you are truly ready to retire? Now -- this is an odd set of questions --- Do you start spending in retirement, finally giving yourself permission to use those monies you've saved for years now?
-- OR --
Do you continue to save in retirement and leave your hard earned monies to your heirs (never having enjoyed it yourself)? Finally, are you anxious about retirement itself? This link might help you to retire. Forget finances, what will you do all day? Who are you after you retire and you lose your work identity? RESOURCES: Don't think you need to save for retirement? Check out Tracy's Retirement Planning Tools and a whole lot more!
|
|
