Retirement planning is an essential aspect of long-term planning. Unfortunately, many individuals do not have enough income to contribute to a retirement fund or save, so it is often put on the back burner. Today, a substantial portion of the population in the United States is living paycheck to paycheck, scrounging by to get by each week and never giving retirement planning a second thought. If you would like to learn more about this, please check out Kailua-Kona Financial Advisor Association
Retirement plans will start at birth in an ideal world. Consider how much money you might have if your parents started contributing $10 a week to a savings account the day you were born. The truth is that most people do not start thinking about retirement until they are well into their 40s or 50s. Worse, many people do not plan at all for their golden years. Instead, they are forced to depend on a government-provided fixed income.
It doesn’t have to be complicated, confusing, or daunting to prepare for retirement. It isn’t all about the rich or the lucky. In reality, preparing for your retirement can be a thrilling and satisfying experience. There are countless ways to put your money to work for you. Conducting research or consulting with a competent retirement planner just takes a little time.
The American Association of Retired Persons is perhaps one of the most reputable and credible sources for retirement advice. The American Association of Retired Persons, which advocates for retirees, has a detailed financial planning section on their website.
The American Association of Retired Persons website has everything you need to know about Individual Retirement Accounts (IRA), Simplified Employee Pensions (SEP), stocks, bonds, mutual funds, low-cost index portfolios, real estate investment trusts (REIT), and other investment options.
The United States Social Security Administration is another place to go for retirement planning details. Financial resources, calculators, and retirement planning forms are available on the SSA website to assist you in determining the amount of social security payments you will be entitled to in your later years.
The United States Financial Literacy and Education Committee runs the website MyMoney.gov. This one-of-a-kind website offers a free toolkit that includes a Consumer Action handbook and various retirement planning resources, as well as a wealth of financial information.
Employees at a number of companies have access to retirement planning services. Employers can provide retirement education courses hosted by the benefits provider or individual counselling offered by the human resources department in some cases.
It’s likely that your bank provides retirement planning services. The majority of companies provide free consultations to their clients. Stand in the lobby the next time you’re at the bank to pick up financial and retirement planning literature. Even better, set up a meeting with the branch manager to start planning the future.