In retirement income planning... you need sufficient income to pay the bills, or you must reduce expenses, right?
There are lots of ways to accomplish either issue!
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, You also need to consider, as always, retirement taxes!
Financial advice retirement plans comes in many shapes and sizes. Today, there are so many pension plans and different ways to save for retirement... so let's start here.
First, do you know there is pension protection through the Employee Retirement Income Security Act?
Do you know about Pension Vesting? If you are considering leaving an employer (for another job or early 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.
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...
If you need more income, you can work while retired, work online/start a small business, possibly an online business like me. If you'd like to investigate the possibilities of working online or starting a small home business, try my newer site.
Do you know when Social Security payments start? Do you understand much about the Social Security process? Have you requested and/or reviewed your Social Security statement? Social Security has many options... please be informed here.
If you have an inheritance of any size, coming in the future, you can also add that to the mix. It's possible you are tight now, but that might lessen with the future inheritance. Just keep it in mind, if this applies to you!