Sunday, August 10, 2014

6 Tips For Retirement Planning

Preparing for your retirement is something we should all think about. However, very few people consider retirement planning and even less people are financially prepared for their retirement. In the a recent survey found more than half those polled had less than 25k in their savings.

So how can you get started on the road to saving for your retirement? Let's look at a few tips to get you started:

1. Try to save a minimum of 10% of your income every month.

2. Consider when you will retire. Many people set an ideal age to retire but nearly half of us will be forced to retire early because of job cuts, illness and a myriad of other factors. This factor alone is reason enough to start saving today.

3. Think about the tax implications of your savings, and saving methods.

4. Plan for medical expenses. In your twilight years medical costs will increase and it is absolutely vital you are prepared for anything that may come your way.

5. Don't retire too early. If you are healthy try to work as long as is possible to increase your retirement income.

6. You may get a long innings so be prepared! Many people live much longer than they ever thought they would. Make sure you plan to keep yourself comfotable should you reach a century.

If you implement these tips and stick to your guns when it comes to planning for your retirement you should be able to save a pretty penny!

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