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Retirement in the 21th century |
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 Be ready for the retirement!If you want your retirement to be close to your expectations, create your plan as early as possible and consider talking to a professional. Believe it or not, if you plan it properly, you can make retirement whatever you want it to be.
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Read more... [Retirement in the 21th century]
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 If you know how much you can expect to receive in Social Security benefits, it can be helpful as you analyze your retirement income needs.
On October 1, 1999, the Social Security Administration (SSA) began mailing new annual Social Security Statements of estimated benefits to over 125 million workers. More than 300,000 statements are mailed each day. If you are not already receiving Social Security benefits, you should receive your Social Security Statement within three months of your next birthday.If you have accumulated 40 credits based on your work history, your statement will include an estimate of your monthly retirement benefit based on your current annual earnings.What you should to is to check your statement carefully to ensure that your earning history is accurately reflected, and contact the SSA to correct errors.Your previous year's earnings, however, may not be up-to-date, due to delays in receiving and processing information at the SSA. As your income increases, so may your retirement benefits. Your benefit will also increase automatically over time due to inflation adjustments.
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Read more... [Security statement]
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 If you retire, your asset needs change as you shift from the contribution to the distribution phase of the retirement planning process:
- Calculate your retirement savings goal.
-Gather all of your most recent retirement investment account statements
• Decide how much investment risk you are willing to tolerate
• Asset allocation is the single most important determinant of long-term returns for a given portfolio.
• A "conservative" retirement portfolio may be proper for older investors well into retirement.
• A "moderate" retirement allocation might be suitable for investors who retire when eligible for full Social Security benefits
• An "aggressive" retirement portfolio may be best suited for investors with a high tolerance for risk
• it's a good to diversify your holdings whenever possible to reduce portfolio risk.
• If your financial outlook has changed, or if investment performance has caused your asset allocation to change, consider rebalancing your portfolio as soon as possible.
• diversify the investments you own within each asset class.
• Maximize contributions to retirement savings accounts while you're still in the workforce.
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Things to remember about retirement |
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You should :
a. determine your retirement needs by identifying your potential retirement expenses and sources of retirement income is an important step.
b. invest early for retirement
c. determine an appropriate asset allocation
d. determine an appropriate annual withdrawal rate of your assets
e. After age 70 1/2, begin making an annual required minimum distribution from certain tax-deferred retirement accounts.
f. develop an appropriate estate plan
g. accumulate enough emergency savings and insurance coverage
h. update beneficiary designations on all retirement accounts
i. consider changing the date of your retirement if it would make it easier to retire with enough money for the future.
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Financial Considerations for Retiring Abroad |
 The key to a successful transition is rooted in careful financial planning.
At first:
• Think about advantages and disadvantages of retiring abroad, including lifestyle considerations as well as possible financial implications.
• Check what will be required in order for you to legally take up residence in the particular foreign country
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Read more... [Financial Considerations for Retiring Abroad]
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