| If you are serious about enjoying retirement, you | | | | must regularly provide an individual benefit statement. |
| must begin planning for retirement now. The | | | | This should show the amount that is owned by you. |
| retirement plan should keep the following in mind. | | | | Thoroughly review this statement. |
| First, make a review of your finances. You must | | | | Opening an IRA might be a good idea. Almost all |
| know where you are as well as where you want to | | | | Americans can open an IRA if they have earned |
| be and how you are going to get there. If deep in | | | | income. An IRA can be a Roth or a traditional IRA. |
| debt chances are you are not prepared for | | | | Your bank can tell you how to open an IRA. Once |
| retirement. Your retirement plan must keep in mind | | | | opened contribute the maximum amount every year |
| that you will need 70% to 90% of your current | | | | to the IRA. |
| income to maintain your present standard of living. | | | | Each year about 3 months before your birthday you |
| First think of what your retirement goals are. What | | | | should receive a social security statement. In making |
| does retirement mean to you? For some retirement | | | | a retirement plan, review this each year. |
| is just sitting on the porch and watching the | | | | If you are near retirement age, you will need to |
| grandkids play. Their retirement plan will then be | | | | discuss retirement plans with your spouse. You might |
| based on this factor. For some retirement means | | | | have different plans and need to make some sort of |
| traveling to see the world. This involves considerable | | | | compromise. Your family must know your retirement |
| expenses. For some retirement comes somewhere in | | | | plan as well as other long-term goals that affect |
| between these two extremes. Knowing what you | | | | them. |
| want from retirement will give you an idea to make a | | | | It is frustrating to have time and nothing to do with |
| retirement plan. | | | | it. Think about what you want to do with your |
| Live a healthy lifestyle now to enjoy retirement in | | | | retirement. Whether you need life insurance or not in |
| the future. It may be the right time now to lose | | | | your retirement plan, it is a good idea to determine |
| those extra pounds or to quit smoking. If you are | | | | its benefits. This is true especially if your family would |
| not healthy and energetic when you retire, frugal | | | | be left with huge debts or no source of income if |
| spending and living habits won't mean a thing. If your | | | | you were to die. |
| employer provides a retirement plan ask for an | | | | See if you need long term care insurance. Though |
| explanation of this plan. Find out if you can contribute | | | | nobody likes to think about being with a major illness |
| something and if your employer provides matching | | | | that can wipe out all savings, this is a possibility as |
| funds. | | | | you get older. So evaluate your need for long-term |
| Speak with your spouse about his/her retirement | | | | care insurance. |
| plan. See what benefits you might be entitled to | | | | The above suggestions may not be able to prepare |
| receive. Thoroughly understand any consent forms or | | | | you for retirement fully. However, they are meant to |
| waivers you might be required to sign. The employer | | | | help you make a retirement plan and retire peacefully. |