Gone are the days where all your financial needs are taken care of simply because one is employed with the government. In those days, almost every other person who was employed was done so by the government. This meant that their retirement plans and insurances are taken care of. But as time went by and because of the changing global investment scenario, many more private organizations have come up and have become successful. In the rush to become successful themselves, individuals themselves have jumped into the bandwagon to earn more money. Even after one has earned a lifetime’s savings, put their children through schools and colleges, there are lots more to saving that putting in your savings into the bank. One needs to think about your plans for your savings to put in to the right investments so as to live your retirement without any worried.
Saving for retirement can feel like a daunting task so it’s no surprise that many lifelong workers are unprepared. There are many ways to ensure that you will have savings to fall back on in your old age, but the surest way of all is to start immediately. The department of labor released a report stating that Americans spend – on average – 20 years in retirement. Read on for five ways to breathe some life into your current retirement account and ensure that when the day comes for you to stop working, you and your family are financially secure.
The earlier you start tucking money away into savings, the better. You should never underestimate the power of compound interest. A little bit today goes a long way tomorrow.
When it comes to savings and especially for the purpose of retirement, then it’s a really important endeavor and you should plan it carefully. The United States Department of Labor reports that more than 50 percent citizens of United States fail to plan for retirement. If you haven’t started yet, then it’s high time that you did so. Here are 4 strategies that you should keep in mind while saving for your retirement.
1. Know what your need is
Before you start saving for retirement, it’s very important that you know what kind of income should prove sufficient for you to live on during your retirement days. It’s also dependent on the number of people you’re supporting financially or whether it’s just yourself. There are calculator links available online that’ll help you find rough estimates for your situation, in case you’re not sure by yourself.
With more than 10,000 baby boomers retiring every day, soon-to-be retirees in the local area are finding that financial guidance from a professional is imperative due to the amount of incorrect information filtering through the masses.
Fort Lauderdale, FL (Sharewellnewswire.com) December 3, 2012 – With more than 10,000 baby boomers retiring every day, soon-to-be retirees in the local area are finding that financial guidance from a professional is imperative due to the amount of incorrect information filtering through the masses.
Eric Sands, president of Sands Financial Services, often tells his clients about the truth behind many retirement myths that have been passed down from generation to generation. “It has been repeated that you should only need 70 percent of your end salary to live comfortably in retirement, but this figure does not help you appropriately for the unexpected such as health issues,” said Sands. “This approach may have worked once for someone, but it is not a one-size fits all for everyone.”
We in Columbus offer you not only decent but rather as good as home like furnished rooms so that you do not feel the lack of any space or any furniture that you have back at home. We make sure each room has at least a closet, a cupboard, a desk, and two chairs and of course a bed and all made from good materials. Retirement communities Columbus has a well maintained common area, a library, a lobby, an atrium and even a beauty parlor! Since most of our residents are senior citizens and all others have some physical problem or the other, we have a one story plan so that you may enjoy all these facilities without having to climb stairs.