5 Steps to Start Your Retirement Strategy
What does retirement mean anymore?
It used to be that you'd work at a company for 30 years, get the gold watch and live out your years comfortably in a nice, mild climate. Today with so many uncertainties it's hard to visualize even the idea of retirement. If you are under 50 today it is questionable whether you'll even see any type of Social Security benefit or if you do may not be until you’re 70 or older. The responsibility of creating a retirement over the past 40 years has slow transferred from the government and employers to the individual. Savings vehicles such as 401ks were developed to allow people to accumulate retirement over their working lifetime. The markets have taught us all that this is no easy task. The question now becomes how do I combine today's income and tomorrow’s possible benefits to allow me to live out the retirement years and maintain the lifestyle you desire.
Start with knowledge:
1. The very first thing you need to do is put things in order. Look at what you have today. Take note on how you like to live.
2. What are your income prospects? How much do you currently earn? Do you see any future increases in your earning? What about other sources such as rental property, income stocks, bonds etc...
3. Look at what things cost. You have expenses now such as food, utilities (electricity, water, cable, and phone), insurances, healthcare, travel and entertainment etc.....
If you take the sum of 2&3 what you have left over is your excess cash flow. This is what is left over that can be used to pay down debt, add to savings etc...
4. Figure out what you own such as houses and cars, jewelry, art.... Then
5. Figure out what you owe such as mortgages, bank or student loans
This will give you a basis for the money you might need for retirement and with the information you acquired you now can start planning.
Starting is always the hardest part.
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Remember if you need any assistance please email me at firstname.lastname@example.org or call me at 805-373-5682.