Boomer women have to start planning-Now

Boomer women have to start planning-Now -

We like to think that when we retire, we will have time to do all the activities that are on our "bucket list. "We are going to travel, spend time with friends and family, to explore new possibilities that will improve our lives and expand our sense of possibility. But to have retired from the life we ​​desire, we need to start planning now. in his post, is 10 retirement magic number? Marvin H. Feldman, CLU, CHFC, RFC, president and CEO of the LIFE Foundation, highlights the results of a Lincoln Financial Group study identifies four behaviors that contribute to retirement success:

• Getting advice from a financial professional
• participating in a pension plan sponsored by the employer or the IRA
• Backup regularly and make additional contributions over the years, "energy saving"
• Have an investment strategy

Unfortunately, the opposite often occurs. There is little or no advance planning to retire in the form of higher savings and investment, and focus more on what we might call wishful planning, hoping the additional retirement income may come the sale of the principal residence (despite the recent uncertainty in the real -estate market) or an expected inheritance. The result? A retreat in danger, at a stage where earning capacity may be severely hampered, if not impossible.
Although there is no doubt that a financial planner can provide useful advice on this investment vehicle will better provide the "gold" for the "golden years" you must also engage in pre-retirement self-education: this calculation, you will need after retirement, income options investigation and initiate a plan that will give you the future you desire
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According to Penn Mutual Worth for Women website, it takes about 80 percent of pre-retirement income to maintain a comfortable life, which equates to $ 60,000 for someone had been earning a pre-tax salary of $ 75,000. (You can use the calculators on the site to help.) While some work-related expenses can be reduced (business meals, clothing costs, transportation costs), other off-gos budgets may increase. Health care may cost more, while inflation may lead to higher costs for everything from fuel to food. By calculating what your post-working living expenses will be and what you should save now supplement your retirement income, you will be better prepared for the day when you cash your last paycheck.
pension
study financing options
Although the investment and retirement accounts are two ways to build a nest egg, there are additional options in the pre-retired section / retired life, one of which is a permanent life insurance policy. Although the main objective of the policy is to provide lifetime protection, it also accumulates a cash value on a tax-deferred basis, providing a source of funds that can be used for any purpose, including as retirement income.
Another strategy is to buy a life annuity. It is sort of DIY pension plan, you provide a specific lump sum to an insurance company and in return, they provide a guaranteed stream of regular payments for any period you have chosen. (The Insurance Information Institute has an informative section on annuities while immediate annuities, you can calculate your annuity payments.)
Finally, disability and ensuring long-term care can also help protect your retirement savings. The first provides an income if you are unable to work due to illness or injury (protecting your current savings for post-retirement use), while the second covers the cost of using health care home, an assisted living facility or a nursing home. LIFE Calculator disability insurance needs helps you assess the income you need to maintain your current standard of living if you become disabled, while the long-term care insurance section provides answers to questions about the assurance of long-term care.

Initiate your lifestyle retirement plan
Start by determining what stage of life of retirement you are, based on this breakdown provided by Boomertirement website.

• working Boomer: 10 years and counting to retirement
• Near the Boomer Retirement: Less than 10 years until retirement
• Restated baby Boomer: No more work

If you 're in the first category, focus on living within your means and save for your retirement. The objective is to minimize debt while accumulating financial assets. If you are a Boomer Retirement Close, review your lifestyle requirements after retirement and analyze the benefits that will be available. The key is to ensure that your information is current and accurate when making last minute changes to your overall strategy.
If you have reached the stage of retirement, it is not too late, said Boomertirement. You still need to live within your means, since your retirement could last 20 to 30 years. You also need to make plans now regarding the distribution of your assets to your heirs, to reduce the tax consequences. (More tips are available on Living Well in Retirement section on value for Women website.)
The bottom line is to be proactive rather than retirement planning reagent . Take action now and the years of your post-employment the best years of your life!