Its been said that half of future retirees have saved less than $60,000, which may not be enough to last for years of your retired life. If you are interested to work in retired life, you need to do financial planning for retirement. We have many more Financial Planning Help Articles Now Available.
What are the 7 steps you need to follow?
1. Consult a financial planner and tax consultant. Maintain your monthly asset and liability. Plan to reduce expense with proper tax planning. I would suggest not taking any free consultancy. Ignorance is your worst enemy for investment. Spend money to educate yourself to invest wisely and smartly.
2. You need to know how much you’ll need to retire and start investment as early as possible. Time is the best advantage for wealth creation.
3. Ignorance is your worst enemy for investment. Spend money to educate yourself to invest wisely and smartly.
4. You might be contributing to pension fund like 401K throughout your life. Before retirement, try to take the entire invested fund and invest the same with maximum return. You need to consult wealth planner to execute the same.
5. Check your current debts and plan to move to low interest debt. While doing this, you need to consider your requirement for car, car maintenance, property tax etc. If you have a plan to travel, make a budget for that.
6. Check your insurance requirements. You might not require all those insurance. You should have proper medical insurance only.
7. Your retirement may last for 20 to 40 years so make the best of it. So, you should learn about new investment opportunities, plan to start a small business, which is most tax efficient. Always enjoy your retirement.
We have many more Financial Planning Help Articles Now Available.