Retirement may seem like a long ways off, but the truth is you are moving toward it faster than you think. It is time to start your retirement planning. This can be difficult in an unstable economy, but with the use of a few statistics and with a little common sense, you will be able to secure your retirement goals.
While retirement planning can be trying, using some simple tools will help to create some order out of the chaos. One thing you can start with is to create a retirement budget. This will help you stay on track with your spending, and expenses. There is so much information on the Internet, about planning for retirement that you could easily be overwhelmed.
Here are some facts to help you conquer some of your retirement worries.
First there are the real points to cover that must be addressed in order to have what we like to call, True Retirement Goals. After you have setup and configured your monthly retirement income, you will want to make sure that you have included items that may not be covered.
Things like deductibles, vacation travel, home insurance and maintenance, taxes, and unforeseen expenses that you may not have planned for in your retirement budget. You need to know how much Social Security and retirement income you will have before you even start. Recent studies show that as much as two-thirds of those looking to retire will be running short of needed funds within as little as 10 years into retirement.
These statistics are from the Employee Benefit Research Institute's "Retirement Readiness" study. It states that even those in the highest-income groups will still be facing problems paying for basic expenses and uninsured medical bills.
There are options: You can begin now by planning out your retirement strategy. You could live in a smaller home or apartment. This would lower your living costs, property taxes and maintenance. Your utility bills would be lower, and if you relocate to an area where you are close to shopping, food stores, restaurants and the like, your travel expenses will be lowered as well. One of the best things you can do is survey yourself/spouse and take a good look at what your comfort zone is.
Retirement is a time of life when you need to prepare in lots of ways, but most importantly is financially. Allot of people wonder what they will do after retirement. This is something that you will want to research, and take your time to explore. Retirement is something that by most ideals is a New Life Beginning. You will want to decide how much time, and where to spend that time for each and every day. A retirement lifestyle will be different, then a working lifestyle. There will be many hours to fill that you may not have planned for. The day to day life without working, can and will be quite rewarding, if you take to time to discover your hidden talents. You may like to paint, but never had the time.
You may like to study photography, or take up a class. The possibilities are endless, now that you will have that free time. A good idea is to create a schedule that will be both enjoyable, but not too busy. Before you retired you were on a schedule, but it was probably a working schedule 9 to 5 type of deal. This is where the beauty of retirement comes in. You can now be on your own schedule, living the retirement lifestyle that you choose. You are free to experience the world in a most carefree style. You can travel, explore new things, meet new people and join new groups. You create the lifestyle that will suit your needs, and let the rest fall into place. The more you prepare, the more you plan, the better your retirement will be.
Some of the best places to retire and live out your retirement wishes are by far the most popular places to live for anyone. Florida, Arizona, California, New Mexico, North Carolina, and Georgia, all offer everything that a person of retirement years wants to be fully active, and enjoy the lifestyle that they deserve. Beaches, swimming, boating and fishing all come to mind. Along with golf and sporting events, all of these places offer surperb shopping, restaurants, nightlife and cultural events. You owe it to your self to do some research on each of these beautiful retirement locations, to see for your self what each different location has to offer you, as far as your retirement dreams are concerned.
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