The most common dilemma for retirement income planning is this: You either can make overly expensive investment money, take too much risk with your investments, or leave the hard work to your children and grandchildren. Why, ask yourself, would anyone ever want to spend their entire life in this state of flux? The answer is that most people do not, so they settle for a mediocre lifestyle for as long as possible. They hope that in time they will get rich enough to quit working, at which point they will be able to plan ahead for their futures with their own money, not relying on a social security check or some other handout.You may want to check it out.
Fortunately, this is not realistic, at least not in the long term. However, there are three major things you can do right now to start retirement income planning early. The first two are obvious: Start saving up assets. The typical old-age retiree has little or no savings, so these two things will do a lot to alleviate some of the financial stress in your life when you start your later years. The second item is probably more important, though: Don’t let your retirement funds ride. All of those investments you made when you were young should be used to grow your portfolio; your nest egg should not simply disappear when you are old and wrinkled.
As the third item, you may feel surprised to learn that the best retirement income planning activities involve growth of your estate, both liquid and non-liquid. If you are still living far from your roots as a child of one or more of your parents, or if you grew up poor, you have very little to pass on, and even those inheritance taxes can feel like a strike against your freedom. By growing your assets and protecting them with life insurance or some other adequate policy, you can ensure that your estate will always be something to pass down without strain. It’s also a good idea to make sure that all of your investments are conservative, saving just enough for you to live on, even as you gradually withdraw your savings or invest the money in more conservative investments.
Retirement Income Planning – Quick Steps to a Secure Future