When it comes to planning for your retirement income, it’s easy to overlook some of the common factors that can affect how much you’ll have available to spend. If you don’t consider how your retirement income can be impacted by investment risk, inflation risk, catastrophic illness or long-term care, and taxes, you may not be able to enjoy the retirement you envision.
Research shows that more than 50 percent of people who haven’t planned for retirement are nervous about the impending change, however 95 percent of people who have prepared are optimistic and excited about giving up work.
When was the last time you got a do-over? Maybe you took a mulligan in your last game of golf, or you had the chance to revamp a project at work for better results. Unfortunately, financial mulligans are few and far between, and are almost nonexistent when it comes to retirement.
Retirement is an exciting time for most people; it means more time to relax and spend time doing hobbies you enjoy. However, not everyone looks forward to retirement. Once your full-time income disappears or lessens, it can be really scary if you haven’t saved enough to live comfortably
While retirement is supposed to be a relaxing reward after decades of work, it can only become that if you put in some planning ahead of time. No matter how far away that retirement date seems, it pays to be thinking about these 5 things now.