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08/26/08 |
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Welcome To Our Work at Home Divas OnLine
Retirement Planning For The Golden Years
As your retirement looms on the horizon, many questions may be on your mind. What do you need to plan for? Who should you consult? What expenses will you need to be aware of? What do you need to do if you haven’t planned until now? Use these tips to plan for an imminent retirement, without stressing yourself out! Find a Financial Advisor You wouldn’t handle legal matters without an attorney, or your taxes without an accountant. Why should your retirement finances be any different? Take the time to find and hire a good financial advisor. He or she will be able to help you to manage the money you’ve already invested to get the best returns possible, as well as advise you as to how to set up new accounts. Plan for Health Insurance Expenses A big chunk of your retirement finances will need to be dedicated to health insurance costs between health insurance benefits ending and Medicare and/or social security benefits beginning. If this is your situation, you’ll need to calculate the amount you’ll be spending per year, and save accordingly. You’ll also need to see if your job offers retirement health insurance benefits at a reduced cost. If they do, be sure to take advantage of this plan. Plan for Other Insurance Expenses You’ll also need to plan for other insurance plan fees, such as life, health, dental, automobile, and disability insurance. Shop around and be sure to get the best rates possible on each of these plans. After you retire, you’ll be on a fixed income, so you’ll need to limit spending and cut rates where possible.
Step Up Your ContributionsAt this point in life, you’ll need to begin adding as much money as possible to your retirement accounts. Begin contributing the maximum amount to your IRA or 401K, especially if your company matches your contribution. Remember, every penny invested now will help you greatly after retirement. Retirement can be stressful – all transitions are. Take the time to find a financial advisor to guide you through this transition and help you to make sound financial decisions. Be sure to plan for health insurance expenses, as well as other types of insurance expenses. You’ll also want to step up your contributions to your retirement investment accounts to the maximum possible amounts. Following these guidelines will help to insure that you’re as prepared as possible for your retirement. Marcia Chumbley is a work at home mom and grandmother in Minnesota. She is the owner of a Christian Work From Home Moms and Grandparents web site at http://www.faithfulgrannies.com. Bringing generations of Christian Work From Home Moms, Grandmothers, Parents, Boomers and Families together while providing resources, inspiration and affordable advertising while balancing the work at home experience. Article Source: www.workathomedivasonline.com
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This site was last updated 02/01/08
