Retirement Plan: Make One the Easy Way
Retirement plans are intimidating to most people. Let’s be honest: you’d rather spend your free time doing something fun rather than creating a retirement plan. If you’re young, there seems to be so much more to do than to sit down and plan out your retirement. If you’re old, you might think it’s too late to even start thinking out your retirement plan – so you put it off! But putting something as important as your retirement is never the solution.
So instead of being a procrastinator, become proactive toward retirement planning! If you don’t look forward to creating a retirement plan, here is an easy step-by-step list of what to do to help you on your way:
1. Write down a list of all your current assets and liabilities and your income along with monthly expenses.
This includes things such as any current savings, stocks, bonds, and other investments. It also includes any current debts such as student loans, credit card debt, and even your mortgage. You’ll want to put your monthly expenses on paper as well so you can come up with a number in the end of how much you have to work with to invest on a monthy basis.
2. Write down your future goals for retirement.
How do you want to live? Do you want to live in your own home? Do you want to live in a retirement community? Do you want to drive an RV all over the country each year? Whatever it is that you envision yourself doing in the future, think about it and write down your goals. You want to have some kind of goal to aim for, and to do this you need to make it a concrete goal on paper. Your retirement plan will be built around not only what you currently have, but it will be built with your future retirement goals in mind as well.
3. Write down a list of 3-5 retirement planners.
Look online or even in your local phone book. If you use a CPA or if you have a lawyer, ask them for recommendations. If you know anyone who is wealthy or is good with investments, ask them who they use or who they recommend you might use to put together a retirement plan. (It costs nothing to ask!) Within a short period of time you should easily be able to come up with a list of a handful of retirement planning experts.
4. Make a date goal of when you wish to have your retirement plan in place.
This needs to be realistic, and just needs to be a goal to shoot for that’s not too far into the future. A month or five weeks is a good number. Put it on your calendar when you come up with a date. Make it on a weekend or maybe a day when you have some time set aside. Stick with that date!
5. Call each of the retirement planners on your list and tell them what your goal is, and what you have to work with.
You’ve probably got an idea of where you stand financially and where you want to be when you retire. Hopefully you’ve even done some additional research – so when you call each of the retirement planner you’ll know the terminology and you’ll know what to expect when they talk about your future retirement plan. It costs nothing to call them, and they will want your business – so get on the phone. Tell them what you’re doing. And let them educate you about what they do best.
6. A week before your goal date, decide which planner you like the most and go with them.
You should have gotten any information they’ve sent you. Maybe you’ve met with a few of them. You know what you want. So by this time, you should have a good idea of which planner you like best. So sit down one more time and look at the plans they offer. Now make a decision, and call them up to tell them.
7. By your goal date, you should be all set!
That’s it. Your planner will talk you through the rest of the retirement plan, and by your goal date everything should. Be in place. Congratulations! You’re now on your way to a secure retirement.
For more articles about retirement, please browse the rest of our site!