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When most people think of retirement, they conjure up images of around-the-clock vacationing on white sandy beaches. While for a select few, this may be the case, but for most, whether for financial, logistic, or personal reasons, this just isn’t what retirement looks like. However, vacations are an important part of anyone’s life. Here are a few tips for retirees who are planning a vacation on a budget.
Calculating a retirement savings goal is one of the most important steps investors can take to help determine if they are on pace to meet that goal. However, less than half of American workers have tried to figure out how much money they will need to accumulate for retirement, and the wide majority of these individuals admit that they either guessed or did their own calculations. What about you?
Deciding whether to remain in your current home, downsize to a smaller home, rent, or move to a retirement community is a hard decision but one that will need to be made around retirement. Weighing the pros and cons of owning and renting will help you determine which is best for your situation.
Every now and then it is important to take some time to inventory your retirement planning. If you own a Traditional IRA, for instance, you probably know your contributions may be tax deductible. Did you know that if you withdraw from that Traditional IRA early you must pay a 10% penalty in addition to income tax?
You’ve been planning your retirement for years: what you’re going to do, where you’re going to live, and how you’re going to pay for it. But knowing when it is time to retire can still be a very difficult decision. Here are a few questions to answer to help you decide if you are financially prepared to retire.
A financial plan is a document that helps you determine how you’ll achieve the goals you want from life, as well as how you’ll meet your future financial needs. A thorough financial plan looks at every aspect of how finances affect you and your family, covering issues such as retirement, education, housing, medical needs, insurance and luxuries. It examines your present situation, spells out your needs, and decides what steps will allow you to meet those needs. A good financial plan also gives you benchmarks to use as targets, so you’ll be able to tell how much progress you’ve made.