Retirement Expert - Retirement Planning: Save A Penny, Gain A Penny!
Article by Akhil Shahani
Landed your first job? Flying high at 40? All set to celebrate your 65th birthday? Our experts say that while it?s never too early to plan your retirement, it?s never too late either. And a well thought out retirement planning strategy will help you prepare for life once you?ve hung up those boots.
Start today: If you are in your 20s or 30s, this is the best time to start. You can even afford to invest in slightly risky financial instruments, and the higher returns could well add up to a sizable figure. Are you in your 40s, or approaching retirement? The best thing to do is to start right away.
Plan well: This goes for all age groups. Think of all the expenses you are likely to incur and make provisions for them. Do you have visions of lavishing gifts on your grandchildren, or taking that long awaited Caribbean cruise? Painting a realistic picture will help you determine what you need to set aside for your retirement from your current income
Get help: Not smart with your money, eh? Never thought beyond a savings account? Luckily for you happy go lucky types, professional financial advisors know how to make magic with your money! These guys would know what you don?t about financial planning, and can guide you on the assets to invest in, the investment portfolio that suits your needs and the risks you can afford to take. Of course, keeping you grounded with a realistic analysis of your current financial situation is one of the perks of their job. For example, American Express http://www.home.americanexpress.com offers great deals for retirement planning.
Revise and update: Be sure to stay on top of market developments. They could have a significant impact on your portfolio and consequently your retirement fund. Stay flexible.
Keep your hands off it: This is bound to be difficult but keeping your retirement fund intact could save you a lot of trouble later. If your needs cannot wait, then find alternatives to make it up later.
Apart from this general retirement planning strategy, do keep the following in mind:
Estimate and diversify: List the expenses you may have to bear post retirement, and try to accommodate as many as possible through other non portfolio sources. Look at various tax efficient and tax deductible investment outlets and put in your money accordingly. Diversification will reduce risks and also help you make the most of your investments
Old is gold: Invest in the traditional IRA (Individual Retirement Account) or Roth IRA schemes. Contributions to the IRA are tax deductible while withdrawals are taxable. The Roth IRA on the other hand, is a taxable account but withdrawals are free of penalty. Be careful though, withdrawing prematurely before you turn 70 could reduce the amount you are entitled to considerably.
Roll over: If you are switching jobs, be sure to roll over your company retirement plan to an IRA. This is a must to make your money grow.
Customize: Last but not least, make your retirement plan suit your specific needs. Customized plans also widen the options of savings instruments. You could also invest in physical savings such as real estate. More information is available at
A well managed portfolio is central to effective retirement planning. If you?d like to educate yourself further rather than consult an advisor, take a look at ?Getting Started in Retirement Planning? by Murray and Ronald M.Yolles in
About the Author
Hi, I?m Akhil Shahani, a serial entrepreneur who wants to help you succeed. If you like to work smart, check out http://www.SmartEntrepreneur.net. It?s full of articles and resources to help you start and grow your business successfully. Please visit us & download our special ?Freebie of The Month? athttp://www.smartentrepreneur.net/freebie-of-the-month.html
Source: http://www.retirementexpert.org/retirement-planning-save-a-penny-gain-a-penny/
ax northern lights anonymous brett lawrie mr. bean lyme disease skyrim