Some sound advice on preparing for retirement

Jeffrey Small of Arbor Financial continues with his series of blogs that provide some solid insights on making investments in preparation for retirement. For this blog, he offers these key points for consideration.

1. Visualize your kind of future

When you set out to plan your retirement, you need first to be honest with yourself. While you’re young, you have a great opportunity to work your way toward the kind of lifestyle you want to live. Don’t shortchange your dreams at all! Be as specific as you need to be, shares Jeffrey Small. Start asking yourself where you want to retire, what things you want to do, and even what places you want to travel to. Once this picture is clear, the path toward it becomes clearer, too.

2. Be familiar with bonds and bond funds

Bonds and bond funds are instruments that may be offered to you at any given time as you consider the details on possible investments. They are both great tools, but there is such a thing as a fitting investment for you, which means that the matter on whether these can work favorably for you or not depends on your plans, your vision of your future, and the kind of lifestyle you feel you want to have. One thing that you must understand between these two options is the differences they have about guaranteed dollar amount interest payment.

3. Factor in the reality of inflation

When you are working, you can almost predict your progressive salary, supporting you throughout the years. Even when the prices of goods go up, you can take comfort in the fact that your salary does, too. However, retirement is a different ballgame. When you retire, you are no longer employed. And yet, the inflation will not stop either. The good thing about planning early is that you have the opportunity to prepare for your future today.

Jeffrey Small of Arbor Financial is the best-selling author of the book entitled "Turning Financial Planning Right-Side Up." For more on Jeffrey, click here.

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