Looking for the top advisor of retirement planning in Tucson? Ironwood Financial LLC provides the best advisor in your area at affordable prices. Get in touch with us for more details!
7
Steps to Retirement Planning to a Safe and Secure Future Retirement planning is a continuous process, and you would have to try to foresee things. Although, no one can predict everything and it will be better to try to be close enough can do some benefit. Many people are too scared to retire because they are worried about how things will go when they cut that income off. However, retirement planning is not a hard science and following these steps may let you secure future.
Transcript
Steps to Retirement Planning to a Safe and Secure Future
Retirement planning is a continuous process, and you would have to try to foresee things. Although, no one can predict everything and it will be better to try to be close enough can do some benefit.
Many people are too scared to retire because they are worried about how things will go when they cut that income off. However, retirement planning is not a hard science and following these steps may let you secure future.
Retirement Planning - Assess Your Financial Situation
First of all, make an inventory of all your current assets, liabilities, incomes and expenses. You can sit with your retirement planner and make an estimate of what your responsibilities and expenses would be. When you've retired, some expenses may stay the same, like groceries and insurance, and others.
Calculate the Value of Your Assets and Liabilities
Write down the current amount in each of your account where you keep cash and liquid savings. These include checking, savings and money market accounts and certificates of deposits.
If you have saving bonds, then calculate and determine the current value or call the bank to find out the current value.
Call your agent and find out the cost of your whole life policy also.
Invested in stocks, bonds or mutual funds, then check the value on financial websites or from your last statement.
Use the current value of your house and other real states.
List all the current and over-due bills you owe. These include utility bills, doctors, dentists, telephone, water, gas, property tax, etc.
Know What You WantWe all want so much that we confuse ourselves with so many things. Make up the list of the things you think must be in your lifestyle after your retirement. Consider everything that may even seem small to you so that you would be prepared for it.
Are you aware of how much money would you need to retire and live comfortably?
Cash Flow PlanningPresent value is significant for your retirement planning. It is the amount of money you need in your account today to plan and save for your future. Many people work with their financial advisors or their retirement planners and make individual retirement accounts to prepare for their retirement. You can do so while planning before and after retirement.
Invest or SaveIt's entirely okay if you start late as well. The key to expecting success has a positive outlook and understanding that being late is better than never starting!
If you are over 55 years of age, the government offers savings on the catch -up contributions so you can get help to save a little bit more. Sometimes, the chances are that savings account and employee pensions are not enough to reach your goals. That's when you explore investment products.
