Baby Boomers Retirement Planning Before You Retire

The first Baby Boomers are turning 64 in 2010 andthis point. Others are able to ask a trusted friend
many may be thinking about retirement. In thiswhat their experience has been. You want to
economy it is a decision that must be thought outmaintain a familiar quality of life in retirement. Are
carefully. Some people have been retirement planningthere things you have to give up because you will
for a long time and others have not. There are threenot have enough income? These are hard decisions
areas of concern that you must think about beforeto make and might help you decide that you want to
handing in your notice. What do you expect yourwork longer to increase your income. Others might
living expenses to be when you retire? What qualitydecide to retire and work part time to be able to
of life do you expect? How long do you need to planafford what you want.
for?None of us knows how many years we will be in
If you own a house, you know your mortgage,retirement. There are many factors such as health
maintenance and insurance will be your biggestand family history that affect how long we will be
expenses. Calculate your food, utilities, gas, medicalaround. Financial planners are helpful in giving us
and miscellaneous expenses. Remember to add someguidance on how to plan for length of time in
extra for recreation. Add up all of your normalretirement. Everyone has to make that decision
monthly expenses and compare it to what yourabout how much to save for themselves.
retirement benefits will be. Whether you have aAs you can see there is a lot to think about before
company plan, investments and/or Social Security,you retire. The last thing you want to do is run out
you should be able to get estimates of what yourof money. Careful planning before retirement can help
income will be to help you plan.keep that from happening. The goal is to have a
Some people use financial planners to help them athappy and healthy retirement.