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Retirement Planning 101

For most of us the quality of our retirement will depend on how much money we saved. While you may have some retirement income in the form of Social Security or a pension, more often than not it isn't enough. That means it's up to you to plan for and put some money aside for retirement. Here's what you need to know to get your retirement on track.

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Retirement Planning 101

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  1. E V E R Y T H I N G Y O U N E E D T O K N O W A B O U T S A V I N G F O R R E T I R E M E N T Retirement Planning 101

  2. Introduction Formostofusthequalityofourretirementwill dependonhowmuchmoneywesaved. Whileyou mayhavesomeretirementincomeintheformof SocialSecurityorapension, moreoftenthannotit isn'tenough. Thatmeansit'suptoyoutoplanfor andputsomemoneyasideforretirement. Here's whatyouneedtoknowtogetyourretirementon track.

  3. Planningfor YourFuture Retirement HowMuchMoney YouNeedto Retire Thisisthemilliondollarquestion. Havingtheretirementofyour Howmuchmoneydoyouactually dreamstakesplanning. Inmany needtohavesavedupfor casesyoumayhave30ormore retirement? Theproblemisthat yearstoseriouslythinkaboutwhat thisnumberisn'tthesamefor youwanttodoinretirementand everyone. Itdependsentirelyon howyouaregoingtogetthere. whatyouwanttodoin Timecaneitherbeyourgreatest retirement, atwhatageyouplan assetoryourworstenemy. Ifyou toretire, andwhatkindoflifestyle startearly, timeisonyoursideand youexpecttohave. Somepeople yourmoneycanworkhardforyou. canretirewithverylittlesaved Ifyouwaituntilretirementisjusta whileothersmightneedalotof fewyearsawayyouhaveverylittle moneyinthebank. Learnhowto timetocatchup. calculatewhatyourretirement savingsgoalshouldbe.

  4. SixRetirementPlanning MistakestoAvoid Weallmakemistakes, butmakingamistakewithyour retirementplancanhavelastingandsevereconsequences. Whetherit'scashingouta401(k) whenyouleaveajobornot investingyourmoneyproperly, aseeminglysimplethingcan turnintoamajorissueduringyourgoldenyears. Hereareafew retirementmistakesyoushouldavoidtomakesureyou'reon yourwaytotheretirementofyourdreams. The401(k) Plan Oneofthemostpopularbenefitsthatemployersofferisa401(k) plan. Thisisaretirementplanthatallowsyoutodirectaportion ofyourpaycheckintoaninvestmentaccount. Theideaisthat yousavesomemoneyontaxesbymakingthesepre-tax contributionswhilealsochoosinginvestmentsthatwillgrow overtimesoyoucanretirewithanicesumofmoney. Therearea fewbenefitsanddrawbacksofthe401(k), solearnhowyoucan bestutilizeyoursifyouhaveoneavailable.

  5. TheTraditionalIRA Ifyou'reinterestedinhavingcompletecontrol overyourretirementinvestments, thenanIRA isforyou. Theseindividualretirement accountsoffermanyofthesamebenefitsofa 401(k) whilealsogivingyoucompletecontrol ofwheretoputyourmoney. Ofcourse, not everyoneiseligibleandtherearelower contributionlimits, sofindoutifaTraditional IRAisrightforyou.

  6. FindingaLostPension Didyouworkforanemployerinthepastthatmighthave closeddownorwentbankrupt? Orwhatifyourcurrent employeristhinkingaboutclosingandyou'reoweda pension? Don'tworry, yourpensionislikelystillsafe. Here's whatyouneedtoknowifyou'retrackingdownanold pensionandhowyourpensionmightbeprotectedinthe eventyouremployergoesunder. PlanEarlyandOften Theretirementplanthatworksbestforyoumaynotbe identicaltowhatsuitssomeoneelse. Regardlessofhowyou approachretirementplanning, thereisonecommonthread: planningearlyandrevisitingyourplanregularlycanhelpyou tosecureamorecomfortablefinancialfutureinyourlater years.

  7. SOURCES ARTICLESOURCE: THEBALANCE IMAGESOURCE: lifefinancialplanners.com

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