$1* Buys $100,000
Globe Life Insurance
No Agent Will Visit—You Buy Direct
$2.17 for Children or Grandchildren
Preparing For Retirement
When you think about retirement, you think about enjoying the rest of your life in peace without having to go to work. However, to have that type of lifestyle you need to prepare now. Retirement still requires the use of money and not having enough can cause individuals to work longer than expected. Not preparing for retirement now can leave you working well into your seventies, and it is best to know how to prepare for retirement now.
One thing to consider is how much money you will need. Although we can’t predict increasing prices or how the economy will do, it’s good to guestimate how much you may need in retirement. To keep your lifestyle the same as it is while you are working, you will need at least seventy percent of your current pre-retirement income.
It is also important to remember the Social Security benefits that you will receive. When you are ready to retire, you will be able to draw money from your Social Security benefits. Most benefits paid are equal to 40% of what you earned before retirement. Knowing the amount you will get back from Social Security can help you determine how much additional money is needed to save for a comfortable retirement.
If you are considering Individual Retirement Accounts (IRA), you can set one up with a financial institution. There are three different IRAs called Traditional, Roth and Rollover. They each have their own benefits and you should speak with your financial institution as to which will work best for you and your family. IRAs are an excellent way to help you save for your future.
Another source of retirement income may be from your work pension plan. Most companies offer a pension plan to their employees. It’s very important to understand how your company’s pension plan works. Ask for a benefit statement to review how much your pension is worth. Also, ask if your employment ends, what happens to your accumulated benefits.
If your employer offers a 401K retirement savings plan to their employees, you can contribute a certain percentage of your paycheck to a 401K. Your employer will also match your contributions up to a specified amount.
If you are working for a small business that doesn’t offer a retirement plan, then suggest one. There are options out there for small businesses to obtain a retirement plan for their employees. There are simplified plans which can be beneficial for both the employer and employee.
Keep in mind that once you start putting money into a retirement plan, you shouldn’t withdraw from it. When you withdraw money from you retirement you could face penalties and lose tax benefits as well. Withdrawing money now could also cause you to lose the principal and interest you would have normally gained by leaving the money in the account. Try to leave the money in your accounts at all costs. You’ll be better off later if you do.
Once you have started your savings and now know approximately how much you should be saving make sure you keep it going! If you want enough money for retirement, you need to keep saving until you have reached your goal. Once you have reached your goal and still have the means to keep saving, keep going. You can have a better retirement the more you are able to save.
Don’t be afraid to ask questions. Investing in your future is important. You can’t take any chances when it comes to how you live life after working.
You might also be interested in...
- 4 Important Safety Measures For Seniors
- 5 Scams Seniors Should Watch Out For
- 5 Telltale Signs It’s Time To Stop Driving
- 6 Sports Seniors Can Enjoy
- 7 Ways To Feel Younger
- Aging In America
- The Best Low Maintenance Pets For Seniors
- Budget-Friendly Vacations with Perks for Seniors
- Can Eating Cherries Alleviate Arthritis?
- How To Choose A Medicare Supplement Plan
- Could You Live On Social Security?
- Does Your Elderly Loved One Need More Care than You Can Give
- Is Your Elderly Parent Feeling Lonely
- Five Health Tips for Men over 50
- Five Health Tips for Women over 50
- Five Tips for Helping Seniors Stay Active
- Helpful Tips for Adjusting to an Empty Nest
- Home Safety Checklist for Single Seniors
- Home Safety Tips for Seniors Living Alone
- How Seniors Can Improve Their Posture
- How Seniors Should Stock Their Kitchen
- How to Be a Good Husband in Retirement
- How to Change Your Life in 10 Days
- How to Do Container Gardening for Seniors
- How to Find Happiness in Your Senior Years
- How to Grow Easy Houseplants for Seniors
- How To Help Your Senior Parent Stay Mentally Healthy and Happy
- How to Simplify Housekeeping for Seniors
- How to Stay Looking Sharp for Senior Men
- The Importance Of Keeping Seniors Hydrated
- Is Chiropractic Care Safe For Seniors?
- Is Long-Term Care Insurance Necessary
- Patio Gardening For Seniors
- Preparing For Retirement
- Pros and Cons of Living in a Retirement Community
- How To Protect Seniors Against Identity Theft
- Senior Life Insurance Pays for Funeral Costs
- Senior Summer Safety
- How Seniors Benefit From Adopting Senior Pets
- How Seniors Can Decorate With Unique Framed Art
- Seniors & The Social Life
- Seven Power Foods for Seniors
- Tips for Seniors: How to Upgrade Your Bed for a Better Night's Sleep
- Tips For Seniors On Improving Your Immune System
- Tips for Seniors on How to Stock a Gift Drawer
- Top Travel Safety Tips for Seniors
- Understanding Medicare Part D Plans
- Reasons Why An Elderly Loved One May Not Be Eating
- Why Seniors Need The Flu And Pneumonia Vaccines
- You Won't Believe How Easily You Can Stall Aging
- How To Choose Low Income Housing For Seniors
- 8 Unique Gifts For Seniors
- Activities For Senior Citizens
- 7 Winter Safety Tips For Seniors
- 5 Questions To Ask When Considering A Continuing Care Retirement Community
- How Long Should You Wait To Claim Social Security
- Signs And Symptoms Of A UTI In Seniors
- How To Deal With The Emotions Of Retirement
- How To Help Seniors Fight Depression
- How Seniors Can Save More Money
- What Services To Expect From Assisted Living Centers
- How To Live A Long Life
- Top 3 Dental Risks For Seniors
- Choosing The Right Assisted Living Facility
- Different Ways To Ease Knee Pain
- Why Assisted Living Centers Allow Pets
- 4 Surprising Health Hazards You May Have In Your Home
- 5 Mental Exercises To Increase Happiness
- Why Seniors And Caregivers Need To Laugh More
- How To Reverse The Effects Of Arthritis
- 6 Exercises That Won’t Hurt Your Joints
- Driving Safety Tips For Seniors
- 4 Natural Ways To Combat Feeling Dizzy
- Senior Life Insurance is a Worthwhile Investment
- Tax Breaks Every Senior Should Know
- How To Make Money During Retirement
- 5 Phone Scams Targeting Seniors Now
- How Technology Can Keep Seniors Safe
- How To Not Go Wrong When Choosing A Nursing Home
- Disaster Checklist For Seniors
- How Visiting Seniors Often Can Keep Them Healthier
- How To Make A Senior’s Day
- Internet Safety Tips Every Senior Should Know
- 5 Ways To Strengthen Aging Bones And Muscles
- How Senior Yoga Can Be A Lifesaver
- Live Longer By Volunteering
- Managing Pain For Seniors
- 6 Everyday Ways For Seniors To Stay Active
- Bad Habits That Make You Age Faster
- Fall Prevention For Seniors
- 6 Ways For Seniors To Budget For Life Insurance
- Summertime Resources For Seniors & Caregivers
- 5 Simple Ways Seniors Can Get Free Help
- Navigating Ride Programs for Seniors
- What’s Preventing You from Receiving Medicare Supplemental Insurance?
- Can You Outlive Your Life Insurance?
- Medicare Part B Plus Medigap vs a Medicare Advantage Plan: Which is better?
- 3 Things to Know about Senior Life Insurance
- Do Medicare Supplement Plans Cover Pre-existing Conditions
- What is Final Expense Insurance and Who Should Buy It?
- Does Medicare Pay for Prescriptions?