There are things you can do to save more for your retirement. Consider four basic strategies: Rearrange Your Priorities Pay yourself first. You may feel that you're not doing the right thing or it may be selfish to put yourself before saving for your children's college education, among other things. However, it is critical that you save for retirement first. Take advantage of all company retirement plans and other tax-free or tax-deferred retirement accounts.
Money Management Resources
If you are five years or less away from retirement, you're close enough to calculate approximate income and expenses. Your goal is to have enough money to live on comfortably and not outlive your assets. You need to match your expected lifestyle expenditures with your projected cash flow and provide for contingencies, such as extended illness, rapid inflation, and losses in your investments. Cash flow planning is an important part of retirement planning.
How Company Retirement Plans Protect Your Savings Generally, your retirement benefits are protected in such a way that no one other than you will be allowed an interest in your benefit. There are certain exceptions to this rule, such as a divorce settlement where a qualified domestic relations order is in effect.
For those approaching retirement, outliving their savings is one of their biggest concerns. The good news is that you don’t have to cross your fingers and hope for the best. There are several proactive steps you can take to ensure your retirement savings will last. Here we discuss three things you can do to help you keep your retirement savings intact.
At this time, you should move into high gear in making your retirement preparations—both financial and lifestyle. Determine if you'll be eligible for retiree medical and life insurance benefits. If you are planning to retire early, determine what your insurance plans, and Medicare, will and will not cover. You may have to bridge the retirement insurance gap by purchasing additional coverage.
Here are the key considerations for developing your retirement planning strategy: 1. Financial Foundation. Do you have an adequate emergency fund? Will your insurance coverage be enough so you don't have to depend on your retirement funds in case of death, serious illness, or unexpected disaster?
You’ve been diligently building your retirement nest egg and you feel like your plan to retire in five more years is right on track. Nothing left to do but stay the course. Right? Not so fast. There are still several items to consider at this stage of your financial life cycle. To help eliminate the guess work, we’ve provided a list of items that you should begin to address to help further prepare you for retirement.