Retirement is often a time full of mixed feelings. On one side you
may be glad to finally put that 40 hour week behind you. For those who
work more hours or have a high stress job, it is even more of a welcomed
relief. On the other side you may be wondering what you will do with all
your free time or worried about the financial impact of retirement. To
make the transition to retirement something joyful that you look forward
to, prepare for it early.
Many of us make the mistake of not planning ahead for retirement
because it can be decades away. However, that time does eventually come,
and you can be left in a panic if you haven’t prepared for its arrival.
Even if it is too early to decide what you want to do once you retire,
start investing now. If your employer offers a 401k then start
contributing to it monthly. Individual Retirement Accounts known as
IRA’s are possible. You can also invest with stocks and bonds. Personal
savings accounts will help you accumulate money for retirement but they
don’t yield the same return as these other options.
If you aren’t sure where to start planning for retirement get a book
with the different worksheets to fill out. Online calculators are very
helpful too. Doing these worksheets will help you find out exactly how
much you should be saving for retirement as well as the age you can
expect to retire at. If the answers you come up with don’t sit well,
then you are going to have to make some changes to your budget now.
Saving more at an early age will prepare you for retirement and the
expenses that come with it. A retirement planner can help you go over
your information as well as device a realistic savings and investment
strategy for your retirement.
If you are self employed, it is even more essential that you set up
an IRA because you likely aren’t paying in anything for social security.
This means you won’t have any government benefits to access once you
retire. Many self employment sectors such as truck driving and small
business have retirement plans you can find out about investing in.
Contact the small business administration or search on the internet for
While we all enjoy living in the moment, being responsible for your
future takes planning and commitment. Do your part now to ensure your
retirement will be something you can look forward to physically,
emotionally, and financially.
Retirement age is something many of us who have been in the workforce
for decades look forward to. A time when we do what we want, when we
want. The retirement age keeps on increasing. For a lucky, few they have
enough money and retirement resources to take an early retirement. This
is common of those in the military and high ranking political officers.
The rest of us have to work until at least retirement age, sometimes
longer if we don’t have enough money saved up.
The average retirement age is 62 because this is when an individual
can start drawing against their social security benefits. Some people
choose to retire sooner or later depending on many factors including
their age, health, financial situation, and if they enjoy their job. It
also depends on their retirement plans. Some people would rather work
than sit at home all day. Others want to retire to see the world
traveling or spending more time with their family and on their hobbies.
There is a great deal of debate over the Social Security
Administration and retirement age. The way the program is designed now
individuals have to work longer than ever before to reap the benefits of
their retirement. An individual who chooses to take early retirement
generally gets a lower percentage of their Social Security and a lower
amount of any work attached retirement plan. Check with your employer to
find out the terms and conditions of the retirement plan they offer.
For individuals born after 1937, the full retirement age is 65. The
retirement age increases over time due to the economic status of the
country and due to people living longer now than ever before. Anyone
born after 1960 won’t be able to take full retirement benefit until the
age of 67. For someone who entered the workforce at a very early age,
this give great potential for quite a large retirement package.
This gives you plenty of time to put money away for when you retire.
You want to have enough to live on and to enjoy life. Make sure you take
care of your health as well. You want your retirement years to be a time
when you get to enjoy more freedom and do what you want rather than
being held back by chronic health issues. Eating a balanced diet and
staying active will help ensure you have plenty of energy and vitality
to enjoy life when you hit retirement age.