There are several smart moves we can make to get our retirement right. It's one of those things in life we get only one chance at, so we'd better succeed! One of the best steps to take starts well in advance of reaching retirement age and that is to start early with a plan.
We need to understand how economic cycles operate and take them into consideration. Boom and bust. Interest rates rise and fall. Inflation and devaluation. These are some of the trends that will affect whether or not we have enough resources to carry us comfortably through our "Golden Years".
So, as soon as you can, open all versions of IRA's, 401K's, and any other opportunities to save funds that come your way. If you can, max them out every year.Some other important factors are to be aware of your longevity and not overestimating the amount of your savings that you will use to live on during retirement. The odds are 50-50 that one member of a 65-year-old couple will live to age 92.
Too many don’t take advantage of insurance for long term care, something Medicare definitely does not cover.
You may have thought of your retirement financing in terms of the proverbial "three-legged-stool" with a pension, Social Security, and your own savings comprising the stability. You might want to consider the added strength that a continuing earned income would add, even if it’s from part-time employment. Another benefit might be better health care coverage, too. more...
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