Saving & Retirement Planning

By information.com — Published September 18, 2017

Saving & Retirement Planning

You would find it extremely surprising, if you knew the statistics of number of people who do not plan for retirement. Though retirement planning can be overwhelming and cause discomfort, there is an easy way to go about retirement planning.

Some of the issues that come up with retirement planning is that most people want to maintain the same life style they currently have, and be able to save up for retirement; while still wanting to manning the same or similar life style when they retire.

(credit: shutterstock)

Questions Individuals Planning for Retirement Should Ask Themselves & Their Partners:

  1. What is the passive income you would need to maintain your current life style?
  2. Would you absolutely need the same things you currently use when you retire?
  3. What would be my Medical Expense when I retire?
  4. Should I buy Annuity? *an Annuity is an insurance product that income for years to come.
  5. When Would you like to Retire? Retiring at 60 is a lot different than retiring at 70. Every year, and every month of savings makes a difference.
  6. A tough question. But, it has to be asked. How long will I live?
  7. Will I have support from my children? Obviously, this changes from person to person. But if that is something that needs to be looked.
  8. Will my mortgage be paid off by the time I retire?
  9. How should I take my pension? Should I take a lump sum or enroll in a monthly payment program?
  10. Where will I live when I retire? Am I willing to relocate to save money in the long run?

These are basic questions that must be answered with intent and though when planning your retirement.

Try information.com retirement planning tool to see where you stand with your retirement.

 

The above retirement and savings tool that will help you calculate your retirement in the best way possible. You will also find relevant offers to help with your retirement and savings.

Simply enter your Annual Income, the Percentage of Income you would like to save. Enter your Birth Year and calculate your Savings at Retirement.

You can move around the numbers and see what would work best for you best on your annual.

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