| So, you're thinking about retirement but your not | | | | worth of expenses set aside in an emergency fund. |
| sure how much money you need, eh? What ever | | | | This is money not to be touched except in cases of |
| your retirement dreams are, traveling to places | | | | emergency. Add monthly totals from steps 2, 3, and |
| you've never been before, playing golf every day, | | | | 4 then multiply by 3 to 6 (your choice) for your |
| sitting on a tropical beach, or just fixing up the house, | | | | emergency fund total. ________. |
| the time for getting out of the rat race is closing | | | | 6 Income In Retirement. |
| quick! You need a retirement plan to make sure that | | | | - Saving ______ |
| your money will last. | | | | - Pension ______ |
| Here are 9 simple steps to help you get there | | | | - Social Security ______ |
| 1 Decide Where You Want To Live After You Retire. | | | | This is where you need to talk to an expert who can |
| Do you want to remain where you live now or do | | | | sit down with you to explain your options. Depending |
| you want to move to another location? Say, a | | | | on what age you plan to retire, your total |
| retirement village someplace in Florida. Once you have | | | | distributions will differ. |
| a picture in your mind of where you will spend your | | | | 7 Plan Your Estate. |
| retirement years, you will have a framework of your | | | | If you don't have a will, get one! You don't want u |
| financial needs. | | | | Uncle Sam deciding what happens to your stuff after |
| 2 What Do you Want To Be Able To Do In | | | | (well, you know)! This is another place that you |
| Retirement? | | | | would be wise to contact a local expert to discuss |
| - Do you want to travel? | | | | things like trusts, power of attorney, and investment |
| - Do you want to play golf every day? | | | | plans so you and your beneficiaries are protected. |
| - Do you want to stop cooking at home and eat at | | | | 8 Now For The Totals. |
| restaurants for most of your meals? | | | | Your expenses - add #2_____ + #3_____ + |
| Write down all of the activities you want to be | | | | #4_____ +#5_____ = ______ monthly |
| involved in and figure out how much it will cost on a | | | | expenses. |
| yearly basis. i.e. an annual trip to the Bahamas, | | | | Your Income _ #6 = ______ monthly income. |
| membership fees to the golf club, etc. Come up with | | | | How you doing? Everything OK so far? (remember, |
| an annual total and divide by 12 for a monthly | | | | these are just estimates. I'm sure they will change a |
| expense. (________ = monthly total). | | | | little bit for various reasons). By now you're getting |
| 3 List Your Monthly Expenses. | | | | the picture of where you are and where you need |
| - Housing - mortgage or rent payments, utilities. | | | | to be. |
| _______ | | | | 9 If Things Don't Add Up And Your Expenses Are |
| - Activities expenses from #2 ________ | | | | Larger Than Your Income, Now Is The Time To Do |
| Automobile expenses - Monthly payments, gas, | | | | Something About It |
| insurance. (your situation will vary, but the average | | | | There are only a few ways to make more money |
| operating expenses for the car owner in the U.S. Is | | | | for retirement. |
| 17% of the annual household expenditures). Example: | | | | - Inherit a big pot of gold - if your like me that's |
| If you make $50,000.00 per year in wages, your car | | | | probably not going to happen. |
| expenses could be as high as $8,500.00. As I said, | | | | - Invest more of the money you DON'T have in the |
| this ill vary as to how many cars you own, how | | | | stock market and take the chance that everything |
| much you drive and what you drive. | | | | will be just fine. Doesn't sound like a good plan to me. |
| ________divided by 12= monthly total. | | | | - Get a second or third job - Hey, we're talking about |
| 4 List Your Insurance Needs. | | | | retirement here. It's suppose to be about working |
| - Life ________=monthly cost | | | | less, not more! |
| - Health ________ | | | | - Rob the local bank - Don't Do This!!! I'm guessing |
| - Homeowners ________ | | | | that you have enough problems. |
| As you approach retirement, it's wise to review with | | | | - Create a new income stream by starting you own |
| your insurance provider your policies because your | | | | Internet business. (That's the Ticket)! It's not as hard |
| needs be different than they are today. Example: | | | | as you might think and for a small investment you |
| Your children are grown and living on their own now, | | | | could create enough wealth to properly fund your |
| you may not need the same level of life insurance | | | | retirement. This might just be the answer you've |
| you did when they were still at home. Again, your | | | | been looking for. |
| needs are your own and only you can determine the | | | | So, how much do you need to retire? Go through |
| proper level of coverage to carry. _______= | | | | the steps and you should at least have a good |
| monthly premiums. | | | | estimate. This isn't rocket science but it will take |
| 5 Emergency Funds. | | | | some time and planning. If you take to heart step |
| I don't have to tell you unexpected things happen. | | | | #9, you may not have to ask "how much do I need |
| You need to be prepared for unplanned expenses. | | | | to retire, but rather "what will I do today or where |
| Again, your needs are different than anyone else, but | | | | do I want to travel" now that your future is secure |
| a rule of thumb is you should have 3 to 6 months | | | | and you have all the money you need. |