September 28, 2022 Breaking News, Latest News, and Videos

A Holistic Approach to Retirement Planning

Although retirement is a milestone for all working adults, decades of hard work may not pay off if you haven’t planned for your financial needs once a regular paycheck stops coming.

According to research by the Insured Retirement Institute (IRI), millions of Baby Boomers stepping into their retirement years have unrealistic expectations and lack a full understanding of the danger of running out of money during retirement. However, the challenges do not stop with Baby Boomers. A recent study indicated 47 percent of Gen-Xers and more than half of Millennials believe a secure retirement is beyond their reach.

“Most people recognize the need to grow their wealth before retirement, but getting there isn’t always a clear path,” said Cathy Weatherford, IRI president and CEO. “Starting early and taking a holistic approach to financial planning is truly essential for a safe and dignified retirement.”

Experts generally concur that it’s never too early to begin planning for retirement, but depending on your stage of life, your approach may vary. Consider this advice from the experts at IRI to get on a path toward financially secure retirement.

 

Student

Forming good money habits can set you up for a lifetime of success. An act as simple as putting spare change in a jar can help you start saving. Talk to adults you trust about how to create a budget and work toward a financial goal. Auto insurance and cell phone bills are important expenses to factor into your budget.

 

Building a career

Once you have a solid budget, stick to it and set aside some money to save. Compound interest adds up over time and the earlier you start compounding, the better. Credit will also start to play more of a factor in your life, as major expenses like buying a house or car, or starting a business rely greatly on your credit.

 

Mid-career

At this stage, your employer may offer a retirement savings plan. Whether you have various investments to manage or not, you should start to look at your building your portfolio and retirement plan. This mid-career life stage is a good time to set a retirement savings goal, and now is also the time to consider hiring a financial advisor.

 

A professional can help you explore less understood but worthwhile approaches to holistic retirement planning such as annuities. Annuities are essentially insurance contracts that come in different types and offer several options to meet a variety of financial objectives. They are a guarantee of income as you age.

 

Late career

At this stage, you probably have a better idea as to when you will be able to retire, but it’s important to review your savings on an annual basis and make adjustments, if needed, to stay on track. As you approach retirement, you’ll want to research Social Security, Medicare and long-term care options to ensure you have a comprehensive view of your future finances.

 

Ready for retirement

If you haven’t already done so, the time has come to better research your Social Security benefits (and when it’s best to start accessing them), Medicare coverage and long-term care options. This is the time to start making some choices, such as whether you will downsize your home and how to eliminate as much debt as possible. One of the more complex aspects surrounding retirement can be determining which of your accounts to tap and in what order, and a professional can help guide you.

Explore more resources and tools to aid your retirement planning at retireonyourterms.org.

AR

Related Posts

Film Review: “Barbarian”

September 16, 2022

September 16, 2022

BARBARIANRated R102 MinutesReleased September 9th This is a very smart movie…until the end, that is, where it kind of disintegrates...

“Gigi & Nate” – A Tender Family Dramedy

September 16, 2022

September 16, 2022

Nick Hamm’s “Gigi & Nate,”  is loosely based on the book by Ellen Rogers, which chronicled  the physical and mental...

Film Review: Top Gun Maverick

June 3, 2022

June 3, 2022

FILM REVIEWTOP GUN: MAVERICKRated PG-13137 MinutesReleased May 27th I love films where the cast actually lives through the story in...

Film Review: The Northman

May 12, 2022

May 12, 2022

FILM REVIEWTHE NORTHMANRated R137 MinutesReleased April 22nd If the Vikings of 800-1000 AD had the technology, The Northman is the...

Murray Mednick’s “Three Tables”- Existentialism Meets Theatre of the Absurd

May 12, 2022

May 12, 2022

Murray Mednick’s THREE TABLES is the newest work from the famous poet/playwright who spearheaded New York’s off-off-Broadway movement in the...

Film Review: “The Unbearable Weight Of Massive Talent”

April 27, 2022

April 27, 2022

FILM REVIEWTHE UNBEARABLE WEIGHT OF MASSIVE TALENTRated R107 MinutesReleased April 22nd Watching The Unbearable Weight of Massive Talent, I got...

Santa Monica Auctions Showcasing World Class Fine Art at Bergamot Station Auction event.

April 22, 2022

April 22, 2022

Santa Monica Auctions is hosting its bi-annual live outdoor art auction on May 15th at Bergamot Station Arts Center. See...

Help Recruiting for Good Give Back and Join the Fun at the Sweetest Earth Day Parties Ever

April 20, 2022

April 20, 2022

By Susan Payne  Earth Day is around the corner.  For Carlos Cymerman, founder of Recruiting for Good, that means the...

Santa Monica Bead & Design Show Returns to the Fairmont Miramar!

April 13, 2022

April 13, 2022

The Santa Monica Bead & Design Show will showcase a fine selection of handcraft and artisan supplies at the Fairmont...