11 Sep 3 Things You’ll Need to Start Retirement Planning
It’s never too early to start thinking about planning your retirement. As for actually planning it, there comes an important time in your life when you need to act. When you reach that age, instead of thinking about your traditional assets and retirement accounts, you’re probably thinking of how nice it will be to take those trips to see your Grand Children, travel and enjoy the simple pleasures in life. Enjoying life is the point of retirement after all, but there are also financial issues that come with it that we all need to be prepared for. Learn more about the problems associated with retirement accounts and the simple solutions here.
Here are a few simple things to think about when starting your retirement planning:
Identify the following:
- How much do you bring home each month?
- How much do you have in the bank?
- How much do you have in your retirement account?
Once you have a good understanding of what you have, you can begin to set realistic goals for what you want. You’ll need to start planning a strategy to get you there. For example: Let’s say you want to fund a vacation for you and your significant other next year. It happens to be on a beachfront resort next to a golf course. Expensive. You’ll want to save a bit, so you don’t spend everything in your account right away. In order to reach your goal next year you’ll need some additional cash flow to help fund the trip.
Turn Your Hobbies into Cash
What are your hobbies? Often, hobbies and skills that you’ve acquired over the years can be turned into cash in your pocket. Services like piano lessons, golf lessons and restoring old cars are all great ways of making cash to fund your trips. What are a few of your hobbies? Leave us a comment at the bottom of the page.
Track Your Expenses
Keep an eye on your monthly expenses for a couple of months to see what you can cut back on, track how much money your spending and where it’s going. Â Most importantly, check up on your investments to make sure that you’re not paying too much in fees.
If your ready to start enjoying your retirement, let’s build a smart retirement plan together that’s designed to help you achieve your goals. Schedule an appointment with us online: