Ten Steps to Plan Your Retirement

Ten Steps to Plan Your Retirement

1. Start saving, keep saving, and stick to your goals- If you are already saving, whether for retirement or another goal, keep going. Make saving for retirement a priority. Devise a Retirement Planning Yuba City CA plan, stick to it, and set goals. Remember, it’s never too early or too late to start saving.

2. Know your retirement needs. Retirement is expensive. Experts estimate that you will need about 70 percent of your preretirement income – lower earners, 90 percent or more – to maintain your standard of living when you stop working. Take charge of your financial future. The key to a secure retirement is to plan ahead with Retirement Planning Yuba City CA

3. Contribute to your employer’s retirement savings plan. If your employer offers a retirement savings plan sign up and contribute all you can. Find out about your company’s plan and make it part of your Retirement Planning Yuba City CA program.

4. Learn about your employer’s pension plan. If your employer has a traditional pension plan, see if you are covered by it and how it works. Ask for an individual benefit statement to see what your benefit is worth and what will happen if you change jobs. Also find out about benefits you may have from a previous employer. Find out if you will be entitled to benefits from your spouse’s plan as these things are an important part of your Retirement Planning Yuba City CA program.

5. Consider basic investment principles. How you save can be as important as how much you save, know how your savings or pension plan is invested and make sure you learn about your plan’s investment options by asking questions. Put your savings in different types of investments because by diversifying, you are more likely to reduce risk and improve return on your money. Financial security with a Retirement Planning Yuba City CA program and knowledge go hand in hand.

6. Don’t touch your retirement savings. Retirement Planning Yuba City CA experts will tell you that if withdraw your retirement savings now, you’ll lose principal and interest as well as possibly losing tax benefits or have to pay withdrawal penalties. If you change jobs, leave your savings invested in your current retirement plan, or roll them over to an IRA or your new employer’s plan.

7. Ask your employer to start a plan. If your employer doesn’t have a Retirement Planning Yuba City CA program, then suggest that it start one.

8. Put money into an Individual Retirement Account. This is a very good option for your Retirement Planning Yuba City CA program.

9. Find out about your Social Security benefits. As part of your Retirement Planning Yuba City CA program you should know that Social Security pays benefits that are on average equal to about 40 percent of what you earned before retirement.

10. Ask Questions. Find a Retirement Planning Yuba City CA expert who can give you sound advice and point you in the right direction

 

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