Planning for Retirement
Created by FindLaw's team of legal writers and editors | Last reviewed September 11, 2017
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The earlier you start planning for retirement, the more secure you'll be in your golden years. In addition to counting on Social Security, there are many different ways to start saving. These include contributing to a 401k plan, opening an IRA account, opening a Roth IRA, and investing in real estate. This section provides helpful information and resources for planning a secure and comfortable retirement, including answers to frequently asked questions and articles on using your retirement funds. Click on the links below to learn more.
Why Plan for Retirement?
Knowing what you'll do in retirement, including the challenges you'll face, will make your expense projections more accurate. Before you consider how to plan a successful retirement, it's important to understand why you should plan your retirement. Understanding why to plan for retirement will help you to consider what it is you need to realize a successful retirement.
While all workers are hopeful that the Social Security system will remain strong, planning your retirement around funds you don't control is not the only option. Social Security is intended only to provide a basic safety net, it isn't designed to cover your full retirement. If your health begins to decline, it's important that you have other funds available.
As you age, you may have greater medical issues and increased healthcare costs. Without sufficient funds your medical expenses could become too much to bear. In accepting this possibility you may consider obtaining insurance, such as medical and long-term care insurance to cover significant health care needs.
A part of your retirement savings can contribute to your children and other family members. You may hope to finance your children's or grandchildren's education and keep your real estate within your family. Without sufficiently planning your retirement, you may be forced to liquidate your assets in order to pay for your various expenses in retirement. This could prevent you from realizing your goals in leaving assets for your family.
Security and Peace of Mind
Planning for a comprehensive retirement will provide you security and peace of mind in your older age. Part of your plan should be determining what it is you hope to do on a day-to-day basis. You may begin a somewhat expensive hobby, volunteer, or find a part-time job. Knowing more about your daily routine will make your projections more dependable. The earlier you begin planning, the less anxiety you'll have surrounding your retirement. By thoroughly planning your retirement, you can feel secure and enjoy your life in retirement.
Learning about Planning for Retirement
Retirement should be a great time of life, but it can cause significant difficulties for those who don't properly plan. The key to being successful in retirement is planning ahead and understanding your goals in retirement and how to achieve them. Developing a thorough plan for your life in retirement can be challenging and stressful. This section provides information regarding how much money you need to retire, how to plan for retirement, a retirement planning questionnaire, facts about Social Security, and how to tap into retirement funds. Select from the titles below to learn more.
Learn About Planning for Retirement
Planning for Retirement Articles
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