Retirement Investment Planning

Retirement Investment Planning? That sounds rather like scary, downright difficult, not-so-fun, retirement stuff! But hey -- we all have to deal with considering our finances in retirement. Yes, we do!

It all sounds so good - FREEDOM! Do what you want to do, all day, every day - but with less income... Hmmmm, how does THAT work? Retirement investment planning, that's how!

When you are working, assuming you remain employed, you always know there is another check around the corner. When you retire -- income is limited, what you have at the time you retire - is what you have for the rest of your life. That's why you need some retirement investment planning!

Even if you planned ahead, hired a retirement investment planner -- 2008-2009 hits like a financial tornado and the world turns upside down. All investments: 401K's, IRA plans, money markets, bond funds, home values - down, down, down!

Before we move on, if you are seriously worried about retirement finances... read this page on how to reduce financial stress.

What age will you Retire?

Are you working longer to secure your future? Work to 60? Age 62? Age 65+ (so that you can either pay off debt -- or -- increase retirement savings?) Just think - if you work and save your Social Security, you can save your Social Security monies, while living on your working income, and accumulate a nice savings account for your later years (all while living comfortably on your income).

What is the average retirement age? Do you want to take an voluntary early retirement?

Understanding Pension Plans

First, do you know there is pension protection through the Employee Retirement Income Security Act? Do you also know about Pension Vesting? If you are considering leaving an employer (for another job or retirement), be sure you understand vesting so you don't miss out...

Do you need pension plan help? Do you understand the difference between a Defined Benefit pension plan and a Defined Contribution pension plan? Have you heard about DROP plans -Deferred Retirement Option Plan?

Did you invest in IRA's? How will you take an IRA Distribution?

401k retirement investments are one type of a Defined Contribution plan. Are you considering a 401K early withdrawal?

Do you invest in your employers ESOP(employee stock options)? What is a SEP?

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. Many employers simply don't explain well. It is your responsibility to ask questions, know your rights. After all, you are the one the poor decision affects. Non-decisions (the "I didn't know" excuse) doesn't work either. Most retirement options are irrevocable.

Social Security Benefits

Do you know when Social Security payments start? Do you understand much about the Social Security application process? Have you reviewed your Social Security statement that is mailed to you annually?

Retirement Expenses & Retirement Debt

Retirement Expenses themselves are a great way to cut back to live within your means, your retirement income. Are you estimating expenses for retirement?

Got debt in retirement? Not a good place to start but check this out!

Cheap Retirement is possible... you just gotta think about what you are spending. You can consider downsizing as so many do that nowadays, and maybe even do a Garage Sale to help!

Living Cheap in Retirement might mean moving to another country where cost of living is cheaper.. or not!

Retirement Investments Planning & Retirement Savings

First, check out these sad Retirement Savings Statistics.

Why do you need retirement savings? Because at some point, we all end our working years. It's inevitable -- sometimes happens sooner rather than later. Have you thought about how much you need a retirement savings account?

How much do I need? That's a huge question and very personal.

You do need some retirement investment planning - simple budget calculations so you know what you need to retire. Try a retirement budget using personal finance software so you have a clue where you are headed.

I have some ideas on increasing retirement savings here! Tiny steps...

Retirement Income

First, what is the average retirement income?

Is there any guaranteed retirement income? Do you know about retirement income funds?

Are you working longer? - 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 plan, 401K plans, or other Retirement Investments? How will you take IRA withdrawals? Same with 401K early withdrawals...

Will you need jobs after retirement or will you be a senior volunteer instead? Ever considered Phased Retirement with the same employer? It could be a win-win for both you and the employer!

If you have a nice retirement income, your need lessens for retirement investments but you still need them!

Divorce Before/After Retirement

Is divorce at retirement a possibility? If there is a chance of divorce, learn more please.

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? But possibly finding a lack of funds in your later years?
-- 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. Before Retirement, anxiety and depression is often an issue. Forget finances for a moment, think... what will you do all day? Who are you after you retire and you lose your work identity?

Enjoy what you see? Here's some more interesting stuff:

Senior Independent Living: Where will you live in Retirement?

Retirement Quotes... funny ones too! Quotes

Senior Citizen Volunteers... keep busy and productive and help your community!

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