What is Retirement Planning all About?

Retirement planning is the thought and commitment that you put into providing for income and a satisfactory lifestyle for your later years after you leave the work force. Most people will spend an average of 25 or more years in retirement so careful planning is necessary for this to be a comfortable time.
When you reach retirement age, you will probably have income from social security and possibly a pension but will that be enough? Will you continue to live in you present home or will you relocate? Do you want to travel? These and many more questions will need to be answered in you preparation for your retirement years.
Retirement planning should begin as soon as you start your first job but most are too busy raising a family to think about something that far away. It’s awfully hard to think about retirement when you’re wondering where to find the best day care for your infant. This is the time to look at your pension plan or 401(K) at work and have as much as you are allowed or can afford contributed each pay. As soon as you can, you should start investing a percentage of your pay for your retirement. These investments can be IRAs, mutual funds, insurance, stocks, bonds, money market, or other investment vehicles your consultant might suggest. The secret is to make it a habit to invest regularly and not be tempted to use the money.
If you are older and just starting to think about your retirement, there are ways you can make up for lost time. Starting at a younger age gives you more time to accumulate money but with good investment strategies, you can sometimes manage to make enough for a comfortable retirement even with a late start. Discuss your needs with a financial planner(insurance consultant/unit trust agent/independent consultant) and stick to your plan.
Your retirement income will probably dictate where you will live and whether or not you can fulfill a dream of traveling. You might want or need to work well into your retirement years. More and more men and women are starting second careers after retiring from one job. The choice of when and how you retire is yours. Plan wisely.