Your money matters
Although thousands Baby Boomers celebrate their 60th birthday each day, research shows that a vast majority are not financially prepared for retirement. Baby Boomers face financial challenges no previous generation has encountered, including pension terminations, skyrocketing healthcare costs, uncertainty about government programs such as Social Security, decreased personal savings rates and significantly increased life expectancy during retirement.
One of the most important decisions to make is exactly when to retire. Since retiring early occurs at the peak of your earning years, you many miss out on some of your best years of saving. Working just a few years past normal retirement age can significantly improve an individual’s financial outlook by allowing him/her to: accumulate more income; continue to use employer insurance plans; delay withdrawing from a retirement account; and increase the amount of Social Security received per month (if that program remains viable). Once you have decided to retire you will need to determine how much money it is going to cost for you to retire.
There are some benefits to being a retiree such as, senior discounts, subsidized healthcare, and regular Social Security checks among them. On the other hand, mature Americans must contend with worrisome issues such as rising costs for medical care, long-term care, prescription drugs, and even basic necessities such as food and energy. How much income you will need during retirement will also be a function of your goals, time horizon, and spending habits. Obviously, those who want a vacation home or will travel frequently will need more than those who prefer to stay at home. A few questions you should ask yourself include:
Will your support of children or grandchildren continue after retirement?
Will you travel or take vacations in retirement?
Will your mortgage be paid off prior to, or soon after retirement?
What will your tax bill be during retirement?
Considering all of your options can be difficult, retires today can expect to live much longer than previous generations, with more than half of today’s retirees expected to live to be 90 years old. To protect against the risks of longevity, health care cost and inflation, the services of a firm like Your Money Matters be can helpful. Careful planning can ensure that you have a comfortable and financially independent future. Michael Dinich and the staff of Your Money Matters will meet with you to asses your goals, time frame, and asset allocation. After that, they will help you fine-tune your strategy, and monitor you success so that your can rest assure that your on track to meet your goals. A skilled professional like Michael can easily help you identify opportunities to achieve the greatest savings as tax efficiently as possible. Mr. Dinich will also show how to reduce risk and work to integrate all of your savings and financial goals.
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