Ready for Your Golden Years?

If your idea of planning for your senior years is playing the lotto, it is time for a reality check. Those years are going to be here before you know it. Here are some retirement planning facts and tips to prime the pump for you.

It doesn't matter if the money goes into a 401(k) plan, an IRA or into a plain, old-fashioned savings account, just start saving.

Open an IRA. IRAs are easy to get, easy to contribute to and easy to save with. Most Americans can set up an IRA - whether it's a traditional IRA or a Roth IRA - and save on taxes.

Remember to review your Social Security Statement each year for accuracy. This is your fallback retirement position, so make sure it is correct.

With rapid medical advances and new thinking about U.S. life expectancy, growing longevity in the future may be much longer than is usually assumed. How will you pay for a longer life?

The average American spends 18 years in retirement. Yes, your money has to hold out that long.

You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.

To get equity out of your home, you might consider a reverse mortgage. Don't! They are bad deals. Talk with a financial planner about other alternatives that make more sense.

Financial Planners say that a person needs about 70% of their pre-retirement income to live a comfortable retirement.

Consider moving when you retire. If you love in a location with a high cost of living, moving to a lower cost area such as Florida can make a big difference.

Don't dip into your retirement savings. You'll lose principal and interest, and you may lose tax benefits. If you change jobs, roll over your savings directly into an IRA or your new employer's retirement plan.

An investment of $10,000 that earns 10% annually over the course of 40 years will amount to nearly $453,000 at the end of that stretch of time. Over the course of just 25 years, however, that same 10 grand increases to a mere $108,347.

The biggest mistake you can make with your employers 401k plan is simple - not participating. Start saving now with pre-tax dollars even if you are only contributing a tiny amount.

Predicting health is never easy, but it is vital to know that the government will liquidate certain of your assets to pay for medical bills it incurs in caring for you. Make sure you understand this and pay for it.

Don't access the equity in your house unless the money is used to improve the value of your home. Don't buy flat screen televisions and such.

When is it too late to start saving for retirement? It never is. People starting at 50 can still save a lot of money.

If you consider playing the weekly lotto to be your retirement plan, it is time to wake up. Time will pass before you know it and you will have to be ready to retire. Save now or you will seriously regret it when your measly social security check floats in.

Article Source: http://www.articlebankonline.com

Barry Waxler is a financial planner who writes about financial planning for UFCAmerica.com.

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