Retirement

"Preparation for old age should begin not later than one's teens. A life which is empty of purpose until 65 will not suddenly become filled on retirement."
-Arthur E. Morgan

Retirement





When it comes to retirement planning, 20 minutes are all you need

Retirement planning explained in 30 sec.


Broken eggs



Tip: from Ric Edelman (Financial Planning - Edelman Financial)

"When there is a downturn in the market you need to stop taking money out of your portfolio of your long term investments to cover expenses. You should have 2 years worth of savings and use these savings to cover expenses above and beyond any social security or pension coming in. This is to prevent taking money out when the stock market fell a lot and your portfolio has fallen a lot in value. You dont want to run out or money in this scenario. As significant downturn is when you need to take >= 5% of your portfolio for over a year"


RETIREMENT PLANNING


No idea what to do when you retire? Read 

Free E-book of The Joy of Not Working this book will help you figure out what to do 

when you retire

Books on Social Security:
1)Mary Beth Franklin, a contributing editor at InvestmentNews, and she's  the author of a new e-book about Social Security planning 
 
http://www.consumerfinance.gov/retirement/before-you-claim/ The age you claim Social Security affects your lifetime income. This link will help you think through this decision


There are good retirement planning calculators at, www.vanguard.com and  or www.usnews.com/retirement and Bankrate retirement calculators

Social Security Benefits Calculator - AARPCalculate the best retirement age to claim 

your Social Security benefits... Let the Social Security Calculator help you figure out how much

 retirement income you’ll receive at different claiming ages.

 You Don't Need a Retirement Plan — You Need a Financial Independence Plan
http://www.wisebread.com/you-dont-need-a-retirement-plan-you-need-a-financial-independence-plan


At www.usnews.com/retiresearch you can search more than 1,000 places to find the exact spot that meets your needs based on such criteria as climate, access to healthcare, cost of living, crime rate and recreational amenities.

Check out USNews list of top 10 affordable places to retire. These spots offer retirees looking for a bargain a choice of mountain or beach locales, hot or cold climates and numerous ways to get exercise and enjoy the outdoors at www.usnews.com/retirebargains

www.cnnmoney.com has a retirement planner were you plug in your age, income, amount you have, when you plan to retire and you will get a quick estimate of how large a nest egg you will need and what are your odds of reaching it.

At www.fidelity.com on retirement and guidance (Fidelity’s myPlan retirement quick check) has an asset allocation feature that can help you find the best mix of stocks and bonds for your retirement goals. If you are already retired you can use the retirement income planner tool which can reduce your chances of running out of money.

www.troweprice.com has a retirement calculator (click on investment guides and tools) were you can estimate what are the odds that your portfolio will last throughout retirement. You ca also see how tinkering with your withdrawals or investment mix might improve your chances.

 

The Social Security Administration launched an online Retirement Estimator which lets workers view their expected levels of Social Security payments for all possible retirement ages. Log on to www.socialsecurity.gov/estimator or www.ssa.gov . Enter your name, birth date, social security number, mother’s maiden name and place of birth and the system calculates your benefits based on your current earnings and retirement date. You can also find out how payments might change if your earnings increase or decrease.

 

www.aarp.org/money/retirement is a Web site that provides retirement calculators and opinions on how to better prepare for retirement

 

www.dol.gov/ebsa/publications/main.html is a publication section of the Web site with retirement brochures such as “Top 10 ways to Prepare for Retirement” and “What you Should know about your retirement plan”

 Retirement guide by Consumer Reports

 

Have legal questions about long term care, Medicare or Social Security? Go to www.elderlawanswers.com were you can choose a topic or search different articles by state.

 Online financial calculators are a good way of determine what you need at retirement. The more detailed the online questionnaire the better your estimate will be. Examples of online calculators are at www.fidelity.com, www.troweprice.com, www.dinkytown.net and www.choosetosave.org.
 

Easy ways to save money for retirement







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