Retirement Planning Guide

Retirement: you spend your entire working life saving and planning for it. Whether you're 24 or 60, one thing is certain - retirement is getting closer with each passing day.

What Do I Need To Prepare For My Retirement?
Many people assume that their company pension plan and social security are going to be enough to maintain their lifestyle through their retirement years. Most of those people will be bitterly disappointed. Let's look at some startling facts:

Social security currently pays the average 65-year-old about $700 a month.
The largest population bubble in history, the baby boom generation, will start to retire in 10 to 15 years, further diluting social security's ability to keep up with the additional demands.
The good news is we are living longer. The bad news is we will have to pay for those additional years of life in retirement.
It is estimated that you will need approximately 75% of your pre-retirement income to retire comfortably.

Looking Forward
Robert F. Bennett wrote, "Your life is the sum result of all the choices you make, both consciously and unconsciously. If you can control the process of choosing, then you can take control of all aspects of your life. You can find the freedom that comes from being in charge of yourself."

Controlling your choices and conducting some simple planning now can enable you to reach your goal of a comfortable retirement.

Retirement planning is in many ways an inventory-taking process in which you must examine your current status, project your future need and calculate how much you must save to meet those needs. Following these few simple steps can help you in this planning process.